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Does the Relief Rally in Grains Have Legs?

Grain Express

/ by BlueLineFutures | Leave a comment

Corn and soybeans have found their footing in the overnight and early morning trade, is the rally sustainable or is it just temporary relief?

Corn futures have gotten hit hard as funds press their net short position to near record levels. Is there any hope for a rally left?

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Corn

Technicals (December) Corn futures were able to defend Friday’s low in yesterday’s session, a silver lining for those looking for a relief rally from these levels.  A close above 422 1/4 opens the door for a retracement of Friday’s breakdown point, 430-434.  A move out above there could spark a more meaningful short covering rally.  Despite the market trading about 12 cents off the recent low, the RSI remains in oversold territory.  Keep in mind that the markets will be closed on Thursday in observance of Independence Day, they will reopen Friday morning.  

Yesterday’s crop progress report showed good/excellent conditions for the U.S. corn crop at 67%, this was a 2% decline from the previous week. Analysts were expecting a 1% drop.

  • Bias: Neutral/Bullish
  • Resistance:  430-434****, 453-455****, 460 1/4-463 1/2***
  • Pivot: 422 1/4
  • Support: 412-414 3/4**, 400**

Wheat

Technicals (September) Wheat futures led the way higher yesterday but are struggling to find follow-through buying overnight. Resistance remains intact from 597 1/2-603. A break and close above that could quickly propel prices towards 614-620. On the flipside, the Bulls need to see our pivot pocket defended from 579-583 1/4.

  • Bias: Neutral/Bullish
  • Resistance: 597 1/2-603, 614-620
  • Pivot: 579-583 1/4
  • Support: 550-560***

Soybeans

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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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