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The Last Trading Day of the Year!

Grain Express

/ by BlueLineFutures | Leave a comment

Grain markets are higher in the early morning trade, will it last through today’s session as we look to round out the year?

Wheat


Monday’s Recap
Monday’s Wheat market was higher with the March contract up 1’6 to 548’2, a one week high. Across all maturities, a light 76,256 contracts were traded, with 46,874 done in the March maturity. Combined open interest shed 1,790 (0.39%) to 461,721. March lost 3,731, or 1.41%, finishing at 260,376.

Technicals
March Chicago wheat futures traded off the highs along with corn and soybeans, but fared pretty well all things considered. The market is firm in the overnight and early morning trade which bodes well for the chart, so long as that strength can hold. Our resistance pocket gets moved a half a cent higher today, to 554 3/4, a close above here and a run towards 574 1/2-577 1/2 is not out of the question. Above that and we could have a full on trend change.

Technical Levels of Importance
Resistance: 548 1/2-554 3/4****, 564 3/4-569**, 574 1/2-577 1/2***
Pivot: 540-542
Support: 520 3/4-529 1/4***


Popular Options

The March 500 put saw the most action with 1,403 contracts traded. Calls with the highest open interest are the March 600 strike (16,960), and for the puts are the March 520 strike (4,406).

Volatility Update
As measured by WVL, implied volatility was moderately higher, up by 0.46 to finish at a one month high of 28.66. Historical volatility (30-day) ended the session at nan%, unchanged nan%. The WVL Skew closed moderately higher, up by 0.82 to settle at a one month high of 9.81.

Seasonal Tendencies Update
(Updated on 12.30.24)

Below is a look at historical price averages for March wheat futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).

Commitment of Traders Update

(Updated on 12.31.24)

  • Managed Money increased their net short position by 7,608 contracts from December 17th to December 24th, expanding their net short position to 95,009 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

Performance Disclaimer

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.

One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points that can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program that cannot be fully accounted for in the preparation of hypothetical performance results all of which can adversely affect actual trading results.

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Seasonal Disclaimer

This message and its content is intended only for the person or entity to which it is addressed and should not be shared with additional parties. Seasonal tendencies are a composite of some of the most consistent commodity futures seasonals that have occurred in the past several years. There are usually underlying, fundamental circumstances that occur annually that tend to cause the futures markets to react in similar directional manner during a certain calendar year even if a seasonal tendency occurs in the futures, it may not result in a profitable transaction as fees and the timing of the entry and liquidation may impact on the results. No representation is being made that any account has in the past, or will in the futures, achieve profits using these recommendations. No representation is being made that price patterns will recur in the future.

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