corn field

Grain Markets Slide Lower

Grain Express

/ by BlueLineFutures | Leave a comment

Grain futures retreat in the overnight trade. A normal pullback or more pressure to come?

Corn

Technicals (December)

December corn futures started yesterday’s trade under pressure but were able to hold ground through the session. That strength initially carried over into the overnight trade but has fizzled in the early morning with prices revisiting yesterday’s low, 421 1/4. A failure to hold that line through the open could trigger additional pressure down to our 3-star support pocket from 413 1/2-416. We continue to be in the Neutral camp, thinking that there will be great shorter term trading opportunities on both sides of the market (long and short). If you’d like to get more involved, call the trade desk: 312-278-0500.

Technical Levels of Importance

  • Resistance: 433-435, 441-443
  • Pivot:425-426 1/2
  • Support: 413 1/2-416, 408 1/2-409


Notes
Flash Sale: There was a flash sale of 155k MT (6.1 million bushels) of corn for delivery to Mexico for the 2024/2025 marketing year.
Weekly export inspections: Inspections for corn were reported at 933k metric tons, this was within the range of expectations. Mexico was the top destination followed by Japan and South Korea.
Crop Progress: Corn conditions were left unchanged at 64% good/excellent, that is in line with expectations and historical pace. Corn harvest advanced to 30% complete, behind the average pace of 34%.
WASDE Estimates: The average estimate for yield in Friday’s WASDE report is at 183.5 bushels per acre, that would be down .1 from the September report.


Soybeans

Technicals (November)

We’ve been worried about downside pressure in soybeans both technically and fundamentally. This morning, we are seeing weakness take prices below first support from 1023-1024 1/2. If the Bears can defend this pocket and use it as resistance through today’s trade, we wouldn’t be surprised to see prices retreat closer to the $10.00 level and potentially below that. A close back above 1041 3/4-1042 would neutralize the technical weakness that we see this morning.

Technical Levels of Importance

  • Resistance: 1041 3/4-1042, 1069 1/2-1069 3/4
  • Pivot: 1035-1038
  • Support: 1023-1024 1/2, 1000-1006 1/2*


Notes

Flash Sale: There was a flash sale of 172.5k MT (6.33 million bushels) of soybeans for delivery to Unknown Destinations for the 2024/2025 marketing year.
Weekly export inspections: Inspections for soybeans were reported at 1.431 million metric tons, this was above the top end of expectations. China was the top destination followed by Vietnam and Mexico.
Crop Progress: Soybean conditions were left unchanged at 63% good/excellent, that is in line with expectations and historical pace. Soybean harvest advanced to 47% complete, 2% ahead of the average pace.
WASDE Estimates: The average estimate for yield in Friday’s WASDE report is at 53.2 bushels per acre, that would be unchanged from the September report.

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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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