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Are Corn Futures Prices Setting Up for a Rally Ahead of Wednesday’s WASDE Report?

Grain Express

/ by BlueLineFutures | Leave a comment

Corn futures are testing Friday’s high, a move out above here could be enough to spark another wave of short covering ahead of tomorrow’s WASDE report. 

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Corn

Technicals (July)
Yesterday’s Crop Progress report showed good/excellent conditions dropping 1% to 74%, this was in line with expectations. Prices are steady to firm in the early morning trade with July futures revisiting Friday’s high. If the Bulls can continue to keep prices above 448-451 we could see that spill into short covering into tomorrow’s WASDE report with a potential upside target coming in closer to 460.

As we inch closer to the back half of June, producers may want to consider being more proactive on playing price defense if they haven’t done much yet. Our team is here to assist with potential hedge strategies.

  • Bias: Neutral/Bullish
  • Resistance: 460 1/4-463 1/2***
  • Pivot: 448-451
  • Support: 444 1/4, 433-436**

Soybeans

Technicals (July)
July soybean futures were higher to start the week but are failing to find follow-through through in the overnight and early morning trade. Support and resistance pockets remain intact from yesterday’s session. 1170-1175 is the pocket the Bulls need to defend, a failure there could accelerate selling pressure down towards 1140-1145. On the resistance side, 1199 1/2-1204 is the big hurdle for Bulls to overcome. That could spark a move into the mid 1220s. Yesterday’s Crop Progress report included the first condition ratings of the year for soybeans, which came in at 72% good/excellent, in-line with expectations.

  • Bias: Neutral
  • Resistance: 1220-1225, 1232 1/4-1236 3/4
  • Pivot: 1199 1/2-1204
  • Support: 1170-1175, 1140-1145*

Wheat

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Futures trading involves a substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.

With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy, and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third-party application. Blue Line Futures employees use only firm-authorized email addresses and phone numbers. If you are contacted by any person and want to confirm your identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500

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