combine harvester on soybean field

Grain Markets March Higher Overnight

Grain Express

/ by BlueLineFutures

Grain Markets March Higher Overnight

Grain markets have been able to rally to start the shortened holiday week. Can the rally hold?

Soybeans

Technicals
March soybeans recovered a fair amount of lost ground on Friday, spilling over into strength to start the shortened holiday week. 1055-1062 1/2 is the hurdle for the Bulls to get out above, above that and we could see a swift move towards 1097 1/4-1101. A failure to hold the early morning strength and a close back below our pivot pocket from could turn the tide and momentum back to the Bears.

Technical Levels of Importance
Resistance: 1055-1062 1/2****, 1097 1/4-1101****
Pivot: 1018 1/2-1025
Support: 1003-1008 1/4***


Fundamental Notes
Recent rains in Argentina’s agricultural heartland failed to alleviate concerns that the ongoing drought could further hurt crop yields, the Rosario grains exchange said, days after flagging that the nation’s corn and soybean production will be smaller than its previous forecasts. -Reuters

In Brazil, soybean harvest for the 2024-25 season is at its lowest for this time of the year since the 2020-21 cycle due to excessive rains in top grain-producing state Mato Grosso. -Reuters

Seasonal Tendencies Update
(Updated on 1.21.25)

Below is a look at historical price averages for January soybean 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
Managed Money are officially net long, to the tune of 34,833 futures/options contracts, their first net long since December 26th 2023.

Wheat


Technicals
Wheat futures are making a rebound in the early morning trade, retesting 4-star resistance from 548 1/2-554 3/4. If the market can chew through this pocket, we could see the buying accelerate with the next upside objective coming in from 574 1/2-577 1/2. We continue to view wheat as a good risk/reward setup to the upside, we just need to see some of these next hurdles get cleared for confirmation. A break and close below support from 520 3/4-529 1/4 would neutralize that bias.

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***


Seasonal Tendencies Update
(Updated on 1.21.25)

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 1.21.25)

Managed Money increased their net short position in the recent Commitment of Traders report, putting Funds net short 94,393 futures/options 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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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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