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Grain Markets Under Pressure to Start a BIG Week

Grain Express

/ by BlueLineFutures | Leave a comment

Grain Markets failed at resistance on Friday which has led to pressure to start this week’s trade. With Markets closed on Wednesday and July options expiration on Friday, it could setup to be an interesting week!

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  • Grain markets will be closed on Wednesday in observance of Juneteenth
  • July options expiration is Friday

Corn

ZCN2024_2024-06-17_05-42-05

Technicals (July)
July corn futures failed against 3-star resistance in the back half of last week’s trade, a pocket that we’ve had defined for a while now as 460 1/4-463 1/2. That failure took prices back into our pivot pocket at the close of Friday’s trade, 448-451 (closing at 450). That weakness has carried over into the Sunday night and Monday morning trade, taking prices within stone’s through of minor 2-star support at 444 1/4. A failure to hold here opens the door for a drop into our more significant support pocket from 433-436.

July options expiration is on Friday, this could play a role in short term price action. Just glancing at Open Interest on those options this morning, it looks like a weekly close at 450 would cause the most pain (the most options expiring worthless, puts and calls).

Seasonally/historically, this isn’t the best time of year to get Bullish. As mentioned many times in the last several weeks, Producers will want to consider using rallies as opportunities to be more proactive in playing price defense.

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

Soybeans

ZSN2024_2024-06-17_07-10-50

Technicals (July)
July soybeans have broken below support in the overnight trade, we’ve defined that as 1170-1175. A failure to regain ground above this pocket keeps the door open for further pressure with little meaningful support until the lows of the year, from 1140-1145. Significant resistance remains intact from 1199 1/2-1204.

  • Bias: Neutral
  • Resistance: 1199 1/2-1204, 1220-1225
  • Pivot: 1170-1175
  • Support: 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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