wheat fields

Grain Markest Chop Around to Start the Shortened Holiday Week

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets were lower last week following a quarterly USDA report that offered very few silver linings. Will the markets find their footing to start a new month?

Corn

Technicals (December)
December corn futures got taken to the woodshed on Friday, marking new lows for the move and marking the seventh consecutive down day. Friday’s Commitment of traders report showed Funds were net sellers of about 86k futures and options through June 25th, expanding their net short position to 277,666. After the continued slide, you could estimate funds are probably another 80k(ish) heavier on the short side. If realized, that would be enough to make it a new record net short position. The RSI is at 21.54, the lowest readings since marking a short term low in February. With hit being a holiday week, we would expect that volume to die down and for it to be relatively quiet.

  • Bias: Neutral/Bullish
  • Resistance: 430-434, 453-455, 460 1/4-463 1/2***
  • Pivot: 422 1/4
  • Support: 412, 400

Soybeans

Technicals (November)
November soybean futures traded on higher on what was a half-way friendly report on Friday, but fizzled out into the afternoon trade. The market has traded on both sides of unchanged, but did make new lows and traded below the psychologically significant $11 handle. The Bulls will want to see a close back above our pivot pocket from 1111 1/2-1115 to encourage a relief rally, likely spurred by short covering. Friday’s Commitment of Traders report showed funds were net sellers of about 28k futures and options contracts through June 25th, expanding their net short position to 129,663 contracts. For perspective, n the first week of March Funds were reported to be as short as 171,999 contracts.

  • Bias: Neutral
  • Resistance: 1138 1/2-1141, 1148-1154*
  • Pivot: 1111 1/2-1115
  • Support: 1097-1100**

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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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