brown wheat

Grains Firm in the Early Morning Trade, Will it Last?

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures prices have been hit hard over the last several weeks but are showing signs of firming in the early morning trade, will it last?

Technicals (December) December corn futures got hit again in yesterday’s trade but were able to defend the lows of last week. Futures are attempting to firm in the early morning trade on what is more relief than anything. The Bulls have their work cut out for them as we remain mostly rangebound for the last week, illustrated by the hourly chart below. 413-416 1/2 is the pocket the Bulls want to get back out above, on a closing basis. If this can be achieved it could spark an additional tailwind via short covering alone, with the next resistance pocket coming in near 422, and above that 433.

Weekly Export Inspection Snapshot

1,078,911 MT (42,474,837 bushels), near the top end of expectations.

Crop Progress Snapshot

The weekly report from the USDA showed good/excellent conditions for the U.S. corn crop at 68%, this was unchanged from last week. Many analysts were looking for a 1% improvement.

  • Bias: Neutral/Bullish
  • Resistance: 420-422, 430-434**
  • Pivot: 413-416 1/2
  • Support: 398-400**

Below is an hourly chart of December corn futures.

Soybeans

Technicals (November) November soybean futures are seeking relief in the early morning trade with a big hurdle coming in from 1046-1050. The Bulls will want to see prices work back above and close above this pocket for additional relief.

Weekly Export Inspection Snapshot

168,593 MT (6,194,730 bushels), below the low end of expectations

Crop Progress Snapshot

The weekly report from the USDA showed good/excellent conditions for the U.S. soybean crop at 68%, this was unchanged from last week. Many analysts were looking for a 1% improvement.

  • Bias: Neutral
  • Resistance: 1061 1/2-1062 3/4, 1085 1/2-1087 1/2
  • Pivot: 1046-1050
  • Support: 1037-1040**

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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