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Grain Markets Catch Their Breath

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets have had an impressive rally over the last several sessions, but prices are lower overnight as minor profit taking pressures prices.

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Updated Yield Estimates – StoneX
StoneX’s September customer survey was released yesterday afternoon. That showed an increase in yields for corn and soybeans. Their corn yield comes in at 182.9, up from 182.3 last month. Thier soybean yield is seen at 53, up from 52.6 last month.


Corn
Technicals (December)

December corn futures traded higher yesterday, achieving their highest price levels since July, less than two weeks removed from contract lows. So far, our pivot pocket from 409-413 remains intact. If the Bulls can clear the top end of this, it could open the door for another round of short covering with the next upside objective coming in from 421 3/4-423 3/4. We wouldn’t be terribly surprised to see the market catch its breath but think there could be more upside potential in sight. If the Bulls fail to defend 409, we could see prices drop back to 401-403 3/4.

Short Term Bias and Technical Levels of Importance

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


Below: Daily Chart of December Corn Futures.

Soybeans
Technicals (November)

November soybeans marked a higher close in yesterday’s trade but failed to take out the previous session’s intra-day high. Weakness has creeped into the early morning trade which opens the door for another retest of support, which we’ve outlined as 1000-1006 1/2. That pocket was tested and held yesterday, but another test of that pocket may prove to be heavy on prices.

Short Term Bias and Technical Levels of Importance

  • Bias: Neutral/Bullish
  • Resistance: 1023-1024 1/2, 1031 3/4-1035
  • Pivot: 1013-1018
  • Support: 1000-1006 1/2, 984 3/4-991, 950-955 1/4*

Below: Daily Chart of November Soybean Futures

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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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