Grain Markets Rally to Start the Week

Grain Express

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Corn, soybeans, and wheat are all higher to start the week. Will the rally be able to not only hold, but extend towards the next big resistance levels?

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Corn

Technicals (December) Corn futures are making a nice push higher in the overnight and early morning trade as a wrinkle of uncertainty regarding the President’s decision to drop out may be sparking some short covering. As far as the technical landscape goes, not much has changed. The market remains mostly rangebound between 403 and 413. If the Bulls can chew through and close above the top end of the range, it could spark additional upward momentum with the next hurdle coming in near 422 and the more significant resistance point coming in near 430-434.

Commitment of Traders Update: Friday’s Commitment of Traders report showed funds relatively flat for the week, which is in line with the sideways range the market has been stuck in. The net short position stands at a whopping 352,772 futures. Broken down that is 499,028 shorts VS 146,256 longs.

  • Bias: Bullish
  • Resistance: 420-422, 430-434**
  • Pivot: 413-416 1/2
  • Support: 399-403**

Below is an hourly chart of December corn futures

Soybeans

Technicals (November) November soybeans are trading nearly 20 cents higher in the overnight and early morning trade, posting their highest prices in a week. The move higher comes on the back of a new wrinkle in the election as well as talks that China could be back for more beans this week. 1061 1/2-1062 3/4 will be a big hurdle for the Bulls to overcome. If they can chew through and close above that pocket an eventual move back near the technically and psychologically significant $11 would not be out of the question.

Commitment of Traders Update: Friday’s CoT report showed Funds expanded their net short position by about 20k futures contracts. That puts them net short 183,145 contracts. Broken down that is 243,705 shorts VS 60,560 longs.

  • Bias: Neutral/Bullish
  • Resistance: 1061 1/2-1062 3/4***
  • Pivot: 1046-1050
  • Support: 1025-1031 3/4**

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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