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Corn Futures Continue to Rally Following Yesterday’s WASDE Report.  These are the Levels to Watch For. 

Grain Express

/ by BlueLineFutures | Leave a comment

Grains were mixed following yesterday’s WASDE report.  Is no new news good news for the corn market?  We’d like to think so.  These are the support and resistance price levels to keep an eye on into the end of the week. 

Grains were mixed following today’s WASDE report, what’s are traders focusing in on going forward? Livestock futures struggled recently, but is there more upside potential?

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Corn Edges Higher Following Today’s WASDE Report, More Room to Run Into the End of the Quarter? – Blue Line Futures

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Corn

Technicals (July)
Yesterday’s WASDE report offered new news to the market. As mentioned in our interview with Ag Day interview, we are in the camp that no news is good news for corn futures as other bearish headwinds have been known for some time now. With the quarterly report just two weeks away and still some level of uncertainty about what this year’s crop is going to produce, we wouldn’t be surprised to see some minor short covering ensue. The first upside target/hurdle from here comes in from 460 1/4-463 1/2. If the Bulls can chew through this pocket, we could see an extension towards the upper end of May’s trading range which comes in from 471-475 1/2. A break and close back below our pivot pocket from 448-451 would neutralize if not flip our bias into bearish territory.

  • Bias: Bullish/Neutral
  • Resistance: 460 1/4-463 1/2, 471-475 1/2*
  • Pivot: 448-451
  • Support: 444 1/4, 433-436**
ZCN2024_2024-06-13_05-22-45

Soybeans

Technicals (July)
July soybean futures weren’t able to find any buyers following the WASDE report which has led to a relatively mute overnight trade. Support is being tested from 1170-1175. The Bulls NEED to defend this pocket to prevent another technical breakdown. The next support pocket comes in from 1140-1145. However, if the Bulls can find their footing on today’s open and hold support through the remainder of the week, potentially that starts to spur a little short covering and take prices back near the technically and psychologically significant $12.00 level. We did see back-to-back flash sales to China, which is certainly a silver lining, but the Bulls want to see more of that and on a larger scale. Seasonally we can start to see demand firm up a bit, but we are tempering our expectations.

  • Bias: Neutral
  • Resistance: 1220-1225, 1232 1/4-1236 3/4
  • Pivot: 1199 1/2-1204
  • Support: 1170-1175, 1140-1145*
ZSN2024_2024-06-13_05-28-32

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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