Can the Grain Rally Continue?

Grain Express

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Grain futures spent most of August under pressure but had a strong finish to the month which has spilled over into strength to start September. Is there more upside left in these markets?

Corn
Technicals (December)

Corn futures started the month with a bang, getting out above first resistance from 401-403 3/4 which quickly took prices to our 4-star resistance pocket from 409-413. Yesterday’s close at 409 1/4 was the highest since July 25th and puts prices as much as 25 cents off the low from just a week ago. If the Bulls can keep the momentum going and achieve a close above 413, it could open the door for an extension towards our next resistance pocket, 421 3/4-423 3/4. On the flipside, a break and close back below 401-403 3/4 would neutralize the recent Bullish developments.

Short Term Bias and Technical Levels of Importance

  • Bias: Bullish/Neutral
  • Resistance: 421 3/4-423 3/4*
  • Pivot: 409-413
  • Support: 401-403 3/4, 380-385***


Below: Daily Chart of December Corn Futures.

Chart of Interest
Yesterday’s weekly Crop Progress report showed good/excellent conditions for the U.S. corn crop at 65%, unchanged from last week. Most analysts were expecting a 1% decline.

Soybeans
Technicals (November)

November soybean futures continued their breakout move above trendline resistance and the 20-day moving average in yesterday’s trade, propelling prices to their highest level in nearly a month. The Bulls will want to continue defending our pivot pocket from 1000-1006 1/2. If the market can continue to find buying interest above yesterday’s high, we could see a beeline to our next resistance pocket from 1031 3/4-1035.

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
Yesterday’s weekly Crop Progress report showed good/excellent conditions for the U.S. soybean crop at 65%, down 2% from last week. Most analysts were expecting a 1% decline.

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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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