brown wheat plant

Grain Markest Pullback Overnight. Buy the Dip?

Grain Express

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Grain markets had a strong day yesterday but were unable to find follow-through buying in the overnight and early morning trade. Will technical support hold?

Oliver Sloup and Scott the Cow Guy discuss the recent price action in grain and livestock markets and what it could lead to in the coming weeks.


Corn

ZCN2024_2024-06-14_07-00-29

Technicals (July)
July corn futures traded into three-star resistance yesterday, which we’ve had outlined all week as 460 1/4-463 1/2. This has so far been defended by the Bear camp which keeps the pocket intact for today’s trade. If the Bulls can muster up the energy to close above this pocket we could see another wave of short covering propel prices towards our next resistance pocket, 471-475 1/2. A break and close back below our pivot pocket from 448-451 would neutralize our bias, if not flip it to outright bearish.

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

Soybeans

ZSN2024_2024-06-14_07-06-39

Technicals (July)
The yo-yo trade in soybean continues with an up day yesterday and so far down day today, keeping many of our support and resistance levels intact for today’s trade. This type of trade doesn’t do any favors for the intermediate to longer term trader but presents some pretty decent opportunities on a shorter-term time frame.

  • 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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