The Technical Landscape Shifts Ahead of WASDE Report

Grain Express

/ by Blue Line Futures

The Technical Landscape Shifts Ahead of WASDE Report

Soybeans broke support on yesterdays trade and corn lingers near an inflection point. All eyes on today’s USDA report and price action to follow

Wheat


Wednesday’s Recap
Wheat futures were mostly higher Wednesday with the July contract finishing the session at a one week low of 534’2, off 0’2, over a tight trading range. Across all maturities, volume was 158,921, with July seeing 72,453 traded. Overall open interest dropped 5,221 (1.18%) to 436,742. July fell by 17,095, or 9.70%, finishing at 159,198.

 

Technicals
the 20-day moving average was mentioned in the corn and soybean section and is also relevant to the recent action in wheat (along with many other commodities). That coupled with previously important price points has created our pivot pocket from 536-541. The Bulls need to see consecutive closes above this pocket to start repairing the damage that was done in the first two day’s of the week. Our bias right now is mostly neutral. If you are playing it from the long side, we see first risk down to 521 3/4-527 1/2. Below that and selling could accelerate.

Technical Levels of Importance
Resistance: 552-556 1/4** 569 1/4-571***
Pivot: 536-541
Support: 521 3/4-527 1/2***, 498-501 1/4***


Popular Options
The Sep 550 put saw the most traded with 1,599 contracts done. Calls with the most open interest are the July 600 strike (13,007), and for the puts are the July 550 strike (9,394).

 

Volatility Update

As measured by WVL, implied volatility closed moderately lower, off by 1.0 to finish the session at a one month low of 26.38. Dropping 0.18%, historical volatility (as measured by the 30-day) closed the day at 22.66%. The WVL Skew ended the session slightly down, lower by 0.055 to close at 6.14, a one week low.

Seasonal Tendencies Update
(Updated on 6.9.25)

Below is a look at historical price averages for December 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
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 600 futures/options. The second straight week of net buying from Funds.

Ready to dig in? 

Subscribe to our daily Grain Express for fresh insights into Soybeans, Wheat, and Corn. Get our expert technical analysis, proprietary trading levels, and actionable market bias delivered right to your inbox. 

Sign Up for Free Futures Market Research – Blue Line Futures

Sign up for a 14-day, no-obligation free trial of our proprietary research with actionable ideas! Free Trial Start Trading with Blue Line Futures Subscribe to our YouTube Channel
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!

Futures trading involves 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 identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500



Blue Line Futures

141 W. Jackson Blvd., Suite 2620 Chicago, IL 60604

info@bluelinefutures.com
(312) 278-0500
(F) (888) 370-2221

Quick Links
Markets
About

© 2025 by Blue Line Futures, LLC. All rights reserved.
Futures trading involves substantial risk of loss and may not be suitable for all investors.

Privacy Policy Illustration by Freepik Storyset

Get in touch with us today.
Press the contact us button to reach out to us or take a look at our social media pages.

Contact Us


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.

Research Disclaimer

All information, communications, publications, and reports, including this specific material, used and distributed by Blue Line Futures LLC shall be construed as, or is in the nature of, a Solicitation for entering into a futures transaction. Blue Line Futures LLC does not employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.

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.

To top