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Grain Markets Weaker to Start the Week

Grain Express

/ by BlueLineFutures | Leave a comment

Corn, soybeans and wheat are all lower in the early morning trade. These are the levels to watch

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Corn
Technicals (December)

December corn futures had a strong finish to last week’s trade, but it wasn’t enough to break prices out above resistance from 413 1/2-416. That pocket remains intact to start this week’s trade. If the Bulls can chew through this pocket it would mark another round of higher highs, on the back of higher lows. The next upside resistance from there comes in from 421 3/4-423 3/4.

Technical Levels of Importance
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 41k futures and options contracts, with 32k of that being short covering. That trims the Funds net short position to 146,595 contracts, the smallest net short since the end of May.

Soybeans
Technicals (November)

November soybeans had a choppy finish to last week’s trade, following the monthly WASDE report. Despite the choppiness, many of our technical support and resistance levels held and remain intact to start a new week. With the market coiling into a tighter trading range the market could be building up energy for a bigger directional move. A violation of support or resistance could be the greenlight for that move. A limited risk options strategy could be something to consider in this situation.

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

Technical Levels of Importance
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

Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of about 26k futures/options contracts. This trims their net short position to 120,720 contracts.

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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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