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Grains Sink Lower to Start the Week

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures were mixed in Friday’s trade, but are uniformly lower to start the news week. These are the levels to watch.

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Corn

Technicals (December) Corn Bulls finally caught a break on Friday, in terms of getting a bullish headline number from the USDA. Unfortunately, the bullish news wasn’t met with equally as bullish price action ahead of the weekend. Sure, we were well off the lows and finished near the highs of the session, but one would have thought those ending stocks numbers would have produced a bigger short covering rally. 412-412 3/4 is the line in the sand that the Bulls want to defend through today’s trade. A failure to do so keeps the potential for new lows and a break below $4.00 alive.

Friday’s Commitment of Traders report showed funds holding a record net short position, which as of last Tuesday stood at 356,415 futures/options contracts. Broken down that is 152,750 longs VS 509,165 shots.

  • Bias: Neutral
  • Resistance: 420-422, 430-434**
  • Pivot: 412-412 3/4
  • Support: 398-400**

Below is an hourly chart of December corn futures

ZCZ2024_2024-07-15_06-56-29

Soybeans

Technicals (November) November soybeans initial response to Friday’s USDA report was friendly, as expected, but it may not have been as friendly as one would have expected which kept the Bears in full control into the weekend. To start a new week of trade, the Bears are pressing the pedal to the metal once again.

NOPA crush expectations are at 177.9 million bushels for the month of June, this would be down 3.1% from the prior month but 7.8% above a hear ago, and a record for the month.

Friday’s Commitment of Traders report showed Funds holding a net short position of 162,803 futures/options contracts, this is good enough for a new record. Combined net short positions in corn and soybeans are at a record high and blowing previous records out of the water, for the month of July.

  • Bias: Neutral
  • Resistance: 1085 1/2-1087 1/2, 1097-1102*
  • Pivot: 1061 1/2-1062 3/4
  • Support: 1040**

Below is an hourly chart of November soybean futures

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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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