Corn and Beans Find Their Footing

Grain Express

by BlueLineFutures | Leave a comment

Corn and soybeans are higher in the early morning trade as the market attempts to carve out a low.  These are the levels to keep a close eye on for today’s trade

Watch us on RFD-TV today at 11am CT for another update from day 3 of the Pro Farmer Crop Tour!  We will be making our way through Illinois and into Iowa.

Corn

Technicals (December) 

December corn futures were relatively flat in yesterday’s trade, which was enough to keep prices above the downward sloping trendline resistance. With the tight ranging trade, our support and resistance levels are little changed.  403 3/4-404 3/4 is the hurdle the Bulls want to see a close above in order to see additional upward momentum. 

Short Term Bias and Technical Levels of Importance

  • Bias: Neutral/Bullish 
  • Resistance: 406 1/4-409***, 421 3/4-423 3/4****
  • Pivot: 403 3/4-404 3/4
  • Support: 387-390 1/4**, 380*

Below: Daily Chart of December Corn Futures, depicting trendline resistance from the June highs as well as trendline support, both of which are converging to create a falling wedge.   The chart also includes the 20-day moving average (in purple).

ZCZ2024_2024-08-21_04-41-52

Notes 

  • Pro Farmer released their yield calculations for Indiana and Nebraska yesterday, based on the samples from crop scouts.  They have Indiana at 187.54, that’s about 3 1/2 bushels above the 3-year average. Thier Nebraska yield came in at 173.25, that’s about 4 bushels per acre above the 3-year avearge. . 

Chart of Interest 

Below is a look at price averages for December corn over a 5, 10, 15, 20, and 30 year period.  Past performance is not necessarily indicative of future results. 

8.21.24 ZCZ24_builder_38283_0_20035

Soybeans

Technicals (November) 

November soybeans are attempting to carve out a low as prices continue to linger near our pivot pocket from 975 1/2-980.  If the Bulls can chew through and close above here, we could see additional relief towards trendline resistance and the 20-day moving average towards 1006 1/2.

Short Term Bias and Technical Levels of Importance

  • Bias: Neutral/Bullish
  • Resistance: 1000–1006 1/2***,1013-1015***
  • Pivot: 975 1/2-980
  • Support: 950-955 1/4**
Below: Daily Chart of November Soybean Futures, depicting trendline resistance from the May highs as well as the 20-day moving average (in purple).
ZSX2024_2024-08-21_05-14-39

Notes 

  • Pro Farmer Crop Tour released their soybean data for Indiana and Nebraska yesterday.  It’s still too early in the year to nail down a solid yield estimate so pod counts are the main take away.  In Indiana they showed that up 7.5% from last year. For Nebraska, that was up 1.07%. 
  • Flash Sales from Tuesday morning: 
    • 132,000 metric tons of soybeans for delivery to China during the 2024/2025 marketing year
    • 239,492 metric tons of soybeans for delivery to Mexico during the 2024/2025 marketing yea

Chart of Interest

Below is a look at price averages for November soybeans over a 5, 10, 15, 20, and 30 year period.  Past performance is not necessarily indicative of future results. 

8.21.24ZSX24_builder_94928_0_20035

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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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