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Grain Markets Stall Out Near Resistance

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets linger near significant resistance, will the market be able to breakout and start another leg higher?

Corn
Technicals (December)

December corn futures were slightly lower in yesterday’s trade, a relatively healthy pullback following a nearly 30 cent rally over the last week and a half. With a little changed session yesterday, our technical levels remain intact. 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.

Weekly Export Sales Snapshot

  • Net sales reductions of 173,100 MT for 2023/2024
  • Net sales of 1,822,500 MT for 2024/2025


Soybeans
Technicals (November)

November soybean futures were under pressure early in yesterday’s trade but fought back to mark their fifth consecutive higher close. The market has again taken pause this morning, will buyers show back up midday? TBD. Resistance remains intact from 1023-1024 1/2, a breakout above that pocket opens the door for 1031 3/4-1035.

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

Weekly Export Sales Snapshot

  • Net sales reductions of 228,000 MT for 2023/2024
  • Net sales of 1,658,700 MT for 2024/2025

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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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