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Grain Markets Mixed to Start a New Month

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures had an impressive end to last month’s trade, will that momentum be able to carry over into a strength this month?

Corn
Technicals (December)

It’s the first trading day of a new month and so far, it’s been rather mute, but that could change when we get more participation at the 8:30 open. Last week, December corn futures were able to chew through and close above trendline resistance and the 20-day moving average, for the first time since July 25th. The move above here has not turned the tide to outright bullish, but it has certainly helped to neutralized some of the bearish momentum. These levels will now act as support to start the month, a failure to defend them puts the Bears right back in the driver’s seat. On the resistance side, our pocket from last week remains intact from 401-403 3/4.

Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 401-403 3/4, 409-413*
Pivot: 395-397 1/4
Support: 380-385***

Below: Daily Chart of December Corn Futures.

Chart of Interest
Friday’s Commitment of Traders report showed the Managed Money net short position at 241,908 futures/options contracts, about 16k less than the prior week.

Soybeans
Technicals (November)

November soybeans have been mixed in the overnight and early morning trade, but the short-term trend of higher lows and higher highs remains intact. Friday’s move out above the 20-day moving average was the first of its kind since May 28th, which is also near where trendline resistance started to form. If the Bulls can use these old levels as support and defend them, it could keep the door open for continued relief with the next upside objective coming in from 1013-1018.

Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 1013-1018, 1031 3/4-1035*
Pivot: 1000-1006 1/2
Support: 984 3/4-991**, 950-955 1/4

Below: Daily Chart of November Soybean Futures

Chart of Interest
Friday’s Commitment of Traders report showed the Managed Money net short position at -176,551 futures and options contracts.

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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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