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Grain Futures Find Their Footing Overnight

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets were under pressure in Tuesday’s trade but have been able to find some strength overnight as traders position ahead of tomorrow’s WASDE report.

Corn
Technicals (December)

December corn futures bled lower in yesterday’s trade but were able to defend 3-star support from 401-403 3/4. In the chart below you can see that this has been an inflection point for the market for the last two months. Just below support is the 20-day moving average at 399 3/4. From a risk/reward perspective, looking long near support makes sense. With that said, the upside is probably limited in the near term too. Our pivot point comes in at 409, above that could take us back to the top end of the recent range, 413 1/2-416.

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.

WASDE Estimates
Yield: 182.4. This would be down from the 183.1 in August.

Harvested Area: 82.65, down slightly from the 82.71 in August.

Production: 15.076, this compares to the 15.147 in August.

Soybeans
Technicals (November)

November soybeans broke lower yesterday, closing back below support from 1000-1006 1/2. This will now act as our pivot pocket in today’s trade. If the Bulls can get back out above here we would expect to prices to revisit resistance from 1023-1024 1/2. A failure to get back out above this pocket on a closing basis keeps the door open for a retest of trendline support, which is creeping higher along with the 20-day moving average.

With U.S. harvest just around the corner, attention has started to shift towards South American weather. Here’s a look at why that’s important: Brazilian Crop Production Preview – Blue Line Futures

Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 1023-1024 1/2, 1031 3/4-1035
Pivot: 1000-1006 1/2
Support: 984 3/4-991, 973 1/4, 950-955 1/4*
Below: Daily Chart of November Soybean Futures

WASDE Estimates
Yield: 53.2. This would be unchanged from August.

Harvested Area: 86.259, down slightly from the 86.271 in August.

Production: 4.589, this would be unchanged from August.

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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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