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A Mixed Start to the Week for Grain Markets

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets are mixed to start the week as traders gear up for the monthly WASDE report this Thursday.

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Corn
Technicals (December)

December corn futures made new highs for the move on Friday but reversed to finish roughly 10 cents off the high. That bearish reversal hasn’t materialized into much weakness to start the week as we’ve seen corn trade on both sides of unchanged in the overnight and early morning session. First support comes in from 401-403 3/4, this is what we would view as a “must hold” pocket for the Bulls. A break and close below there could start to neutralize some of the work that has been done over the last two weeks. On the resistance side of things, 413 1/2-416 is the first big hurdle. A move out above there and se could see another wave of short covering propel prices into the mid-420s.

Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 413 1/2-416, 421 3/4-423 3/4*
Pivot: 409
Support: 401-403 3/4, 380-385

Below: Daily Chart of December Corn Futures.

Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 60,500 futures/options contracts through September 3rd. This trims their net short position down to about188k contracts, the smallest net short since May 28th.

Soybeans
Technicals (November)

November traded into our secondary resistance pocket (1031 3/4-1035) but fizzled out and reversed back lower, taking prices back to first support by the close, 1000-1006 1/2. This pocket will be key to start this week’s trade, a break and close below here could reignite technical selling pressure with little support until 984 3/4-991.

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

Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 21k futures/options contracts through September 3rd, nearly all of which was short covering. That trims the Managed Money net short position down to 146,570, the smallest net long position since the end of June.

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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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