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Grain Markets Struggled to Start the Week as Lack of New News Keeps Bears in Control

Grain Express

/ by BlueLineFutures | Leave a comment

The lack of any new meaningful news has kept a lid on grain market relief rallies as of late. However, soybeans have been defending the lows from two weeks ago which is a welcomed sign.

Corn

Technicals (December)

December corn futures continued to drift lower yesterday which has led to minor pressure in the early morning trade. What more can be said about this market that hasn’t already been said?

Short Term Bias and Technical Levels of Importance

Bias: Neutral
Resistance: 406 1/4-409, 421 3/4-423 3/4*
Pivot: 398 1/2-400
Support: 380*

Below: Daily Chart of December Corn Futures.

Notes

  • Crop Progress: Good/excellent conditions for corn in the U.S. declined 2% from last week to 65%, analysts were expecting a 1% drop.
  • Weekly Export Inspections: 894,295 Metric Tons (35,206,829 bushels), in line with expectations. Down from last week’s 1,206,699 MT.

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

Soybeans

Technicals (November)

Soybeans are attempting to bottom out, defending the lows from two weeks ago. The market is trading back in our pivot pocket, but what the Bulls really want to see a close above resistance from 984 3/4-991 to spur a bigger move. As mentioned yesterday, trendline resistance and the 20-day moving average are continuing their rapid decline, lowering the hurdle that the Bulls need to get out above for a chance at neutralizing the technical damage that has been done on the chart.

Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 984 3/4-991, 1000-1006 1/2
Pivot: 975 1/2-980
Support: 950-955 1/4*


Below: Daily Chart of November Soybean Futures

Notes

  • Crop Progress: Good/excellent conditions for the U.S. soybean crop declined 1% from the previous week to 67%, that is in line with expectations.
  • Weekly Export Inspections: 411,165 Metric Tons (15,107,723 bushels), in line with expectations. Up from last week’s 405,628 MT.

Chart of Interest
Below is a look at price averages for November soybeans over a 5, 10, and 15 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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