wheat field

Grain Markets Consolidate

Grain Express

/ by BlueLineFutures | Leave a comment

Volatility in the grain markets has started to subside this week as prices consolidate

Tune in to RFD-TV at 12:45pm CT for another update from our route!

Oliver Sloup checked in with RFD-TV on Wednesday afternoon, sharing his findings from his route through Illinois and Iowa.

Corn

Technicals (December)

December corn futures have been quiet over the last two sessions as the market seems to have found somewhat of a near term equilibrium. With the tight ranging trade, technical support and resistance levels remain intact.

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).

Notes
Weekly Export Sales: Net sales of 119,100 MT for 2023/2024–a marketing-year low–were down 1 percent from the previous week and 57 percent from the prior 4-week average. Net sales of 1,291,200 MT for 2024/2025.

Pro Farmer released their yield calculations for Illinois and parts of Iowa yesterday, based on the samples from crop scouts. They have Illinois at 204.14, that’s nearly 10 1/2 bushels above the 3-year average.


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.

Soybeans

Technicals (November)

Volatility in the soybean market has started to subside in recent days as prices consolidate. Our pivot pocket from 975-980 continues to be a bit of a near term inflection point. If the Bulls can find their footing, a move towards trendline resistance and the 20-day moving average are in the cards.

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).


Notes
Weekly Export Sales: Net sales reductions of 43,700 MT for 2023/2024–a marketing-year low–were down noticeably from the previous week and from the prior 4-week average. Net sales of 1,676,900 MT for 2024/2025

Pro Farmer Crop Tour released their soybean data for Illinois and parts of Iowa 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 Illinois they showed that up nearly 12% from last year.

Flash Sales from Wednesday morning:
132,000 metric tons of soybeans for delivery to China during the 2024/2025 marketing year
121,000 metric tons of soybeans for delivery to unknown destinations during the 2024/2025 marketing year
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.

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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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