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Grains Firm in the Early Morning Trade

Grain Express

/ by BlueLineFutures | Leave a comment

Grains are higher to start the last full trading week of the quarter. Can strength continue through the week.

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Corn

Technicals (December)

December corn futures are higher in the early morning trade, erasing losses from Friday’s session. Our pivot pocket is back in play from 408 1/2-409. A close back above here could spark additional momentum towards resistance from 413 1/2-416. A close above there could make the chart a little more exciting for the Bull camp. Seasonally this is a time of year where we’ve seen the market attempt to carve out a harvest low (between now and the first week of October). If you’ve been using 2014 as an analog year, that was also the case when the market bottomed the day after the quarterly stocks report. This year’s report is next Monday, September 30th. Over the last 10 years that report has been a coinflip for corn with 5 higher closes and 5 lower closes on report day.

Technical Levels of Importance
Resistance: 413 1/2-416, 423 3/4-426 1/2*
Pivot: 408 1/2-409
Support: 401-403 3/4, 380-385


Commitment of Traders Update

Friday’s Commitment of Traders report showed little change in Fund positioning from the previous week. Funds are net short roughly 135k futures and options contracts. This compares to the record short of 356k contracts in July.

Soybeans

Technicals (November)

November soybeans have been mostly rangebound through the month but are finding the strength in the early morning trade to take prices to the highest levels since September 6th. The high on that day came in just shy of our resistance pocket, which we have outlined as 1031 3/4-1035. A breakout and close above this pocket could spur additional technical momentum. On the flipside, first support remains intact from 1000-1006 1/2.

Technical Levels of Importance
Resistance: 1031 3/4-1035, 1041 3/4-1042
Pivot: 1023-1024 1/2
Support: 1000-1006 1/2, 991-995 1/2*


Commitment of Traders Update
Friday’s Commitment of Trader’s report showed Fund positioning was little changed versus the week prior. Funds are net short roughly 122k futures/options contracts. The smallest net short position since the middle 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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