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A Choppy Trade Leads to Shorter Term Opportunities

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets have been choppy to start the week which has presented some good shorter term trading opportunities for market participants on both sides of the market

Corn
Technicals (December)

December corn futures pulled back to our support pocket in yesterday’s trade, which we outlined in yesterday’s report as 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 see 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.

Crop Progress Update
The weekly Crop Progress report from the USDA showed good/excellent conditions for the U.S. corn crop declined by 1% to 64%. This was in line with expectations. 29% of the crop is mature and 5% is harvested.

Soybeans
Technicals (November)

November soybeans were able to start the week on a high note, erasing majority of the losses from Friday’s trade. However, that has so far failed to materialize into overnight strength as prices have now given back most of yesterday’s gains. Expect the choppiness to continue as it appears the market may be setting up for more of a rangebound trade, this could provide a lot of shorter-term opportunities for traders on both sides of the market.

Short Term Bias and Technical Levels of Importance
Bias: Neutral
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

Crop Progress Update
This afternoon’s weekly Crop Progress report showed good/excellent conditions for the U.S. soybean crop at 65%, unchanged from last week. Expectations were for a decline of 2%.

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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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