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A Choppy Overnight Grain Trade

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets were mixed in the overnight and early morning trade. Export sales data was just released.

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Corn

Technicals (December)
December corn futures finally broke out of the range, and it was to the downside. Previous support from 399-403 will now act as a pivot pocket/Resistance. As far as support goes, we are in uncharted territory so that becomes a little more of a guessing game. Looking at the continuous chart you could make the case for the next downside target for the Bears being near 380.

Weekly Export Sales

Net sales of 167,900 MT (6,609,929 bushels) for 2023/2024–a marketing-year low–were down 49 percent from the previous week and 60 percent from the prior 4-week average. This was also below the low end of expectations which ranged from 275k-600k MT.
Net sales of 710,900 MT (27,986,888 bushels) for 2024/2025, this was near the top end of expectations.

  • Bias: Neutral
  • Resistance: 423-426, 430-434**
  • Pivot: 399-403**
  • Support: 380-385

Below is a daily chart of December corn futures

Soybeans

Technicals (November)
Soybeans are trying to consolidate but the bearish trend remains firmly intact with the next downside target for Bears being near the psychologically significant $10.00 handle. On the flip side, the Bulls want to see a close back above our pivot pocket from 1025-1031 3/4 to help repair some of the damage that has been done.

Weekly Export Sales

Net sales of 376,400 MT (13,830,328 bushels) for 2023/2024 were up noticeably from the previous week and from the prior 4-week average. This was above the top end of expectations which ranged from 75k-300k MT.
Net sales of 632,100 MT (23,225,692 bushels) for 2024/2025, this was within the range of expectations which ranged from 300k-900k MT.

  • 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 Ping ponging around as they continue to search for a shot term low in the market. 525-530 is the pivot pocket the Bulls want to see consecutive closes back above to help turn the tide and make a run at resistance from 553 1/2-556 1/4.

Weekly Export Sales

Net sales of 286,600 MT (10,530,744 bushels) for 2024/2025 were down 7 percent from the previous week and 41 percent from the prior 4-week average. This was near the low end of expectations.

  • 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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