Grains Continue to Firm

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets started the week with a bang, this on the back of Chinese stimulus and weather concerns in South America. Is there more upside to come?

Weekly Export Inspections Summary

  • Corn: Above the top end of expectations
  • Soybeans: Within the range of expectations
  • Wheat: Above the top end of expectations

Corn

Technicals (December)

December corn futures got shot out of a cannon yesterday, erasing losses from last Thursday and Friday which took prices right back to first resistance from 413 1/2-416. If the Bulls can chew through this pocket we could see an extension towards our next resistance pocket, 423 3/4-426 1/2. The Bulls have the advantage of the technical landscape to start the week, but they will need to defend 408 1/2-409 to prevent a retest of last week’s low.

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


Crop Progress Update
Good/Excellent Condition: Unchanged at 65%. Expectations were for a decline of 1% to 64%.
Harvested: 14%. The average estimate was 16%.

Soybeans

Technicals (November)

Soybean futures came out of the gate strong to start the week which has spilled over to some strength in the early morning trade. Much of the coverage yesterday was on the back of hot and dry weather in Brazil, but as we were talking with clients the move seemed overdone for that news. Last night China announced the largest stimulus package since Covid, which now makes yesterday’s move make more sense and could create more of a tailwind in the midst of a market environment that seems overwhelmingly bearish. The market is now trading above resistance from 1041 3/4-1042. If the Bulls can keep this momentum going through today’s trade, we could see an extension towards 1082 1/2-1086 3/4.

Technical Levels of Importance

  • Resistance: 1082 1/2-1086 3/4*
  • Pivot: 1041 3/4-1042
  • Support: 1031 3/4-1035, 1023-1024 1/2, 1000-1006 1/2


Crop Progress Update
Good/Excellent Condition: Unchanged at 64%. Expectations were for a decline of 1% to 63%.
Harvested: 13%, in line with the average analyst estimate.

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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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