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With Little New News Overnight, Traders Turn to Technicals

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets got hit hard on Tuesday but are attempting to stabilize as little new news may calm the waters in the near term. Here are the levels to watch.

There’s not a lot of new news on the wires this morning as grains continue to chop around. With all the whiplash, surely neck brace demand is on the up and up.

Corn

Technicals (December)
Corn futures are right back to the lower end of the recent range and our support pocket from 399-403. From a risk/reward perspective, the lower end of the range may offer some opportunity, but a break and close below support would neutralize that bias. Once we turn the calendar over into August we will start getting more yield estimates. Speaking of which, we will be on the Pro-Farmer Crop Tour again this year, which goes from August 19th-22nd. We will be sending updates throughout the week on what we see on our route.

  • Bias: Neutral
  • Resistance: 423-426, 430-434**
  • Pivot: 413-416 1/2
  • Support: 399-403**

Below is a daily chart of December corn futures

Soybeans

Technicals (November)
November soybeans looked to have a promising reversal on Monday but that fizzled out real quick Monday night and into Tuesday. The market is attempting to find its footing this morning, but the Bulls have a little more work to do. 1025-1031 3/4 is the pocket the Bulls want to get out above to help neutralize some of the damage that has been done over the last three sessions.

  • Bias: Neutral
  • Resistance: 1046-1050, 1061 1/2-1062 3/4
  • Pivot: 1025-1031 3/4
  • Support: 1015-1018*, 1000

Below is a daily chart of November soybean futures

Wheat

Technicals (September)
Wheat futures are attempting to stabilize and defend the lows of the week. The Bulls need to see price a close back above 525 1/4-530 to help aid additional support to the market.

  • Bias: Neutral
  • Resistance: 537-539, 553 1/2-556 1/4
  • Pivot: 525 1/4-530
  • Support: 500**

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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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