Grain Markets are Marking Higher Highs. More to come?

Grain Express

/ by Blue Line Futures

Morning Headlines

In South America, intense hot and dry weather have hit Argentina, threatening crop production in the world’s leading exporter of soy meal and soy oil and third-largest supplier of corn. Argentina’s key agricultural regions are in urgent need of rain after temperatures rose to near 104°F (40°C) in recent days, but significant relief is not forecast until February. With planting nearly finished, the dry spell is hitting as 93.1% of corn and 96.2% of soybean acreage has already been sown, the Buenos Aires Grains Exchange said.

The U.S. dollar sat near a four-year low reached on Tuesday.

The greenback has slipped around 3% against a basket of major currencies since January 20 as investors worried about U.S. President Donald Trump’s pursuit of Greenland and domestic policies. -Reuters

 

 

Corn

Technicals (March)
Corn futures were about as quiet as a church mouse in yesterday’s trade, as the market pulled back and retested Friday’s breakout point, which helped define our pivot pocket from 425-427 (yesterday’s low: 426). 431 1/2-432 is the big hurdle from here, that represents the highs from the start of the week and the 20-day moving average. Above here and a retest of the WASDE breakdown could be in order, then above that and there’s likely a gravitational pull back towards the cluster of major moving averages from 439 1/4-442 3/4.

Technical Levels of Importance
Resistance: Unlock key levels. Sign up free. Link Below!
Pivot: ______________________________
Support: ____________________________

 

Soybeans

Technicals (March)
Soybean futures held the 20-day moving average perfectly yesterday and managed to closer near the highs of the session. That momentum has spilled into the overnight and early morning trade with prices making new highs for the move. 1082-1085 is the next upside objective, above that and we could be eyeing that technically and psychologically significant $11 handle.

Technical Levels of Importance
Resistance: Unlock key levels. Sign up free. Link Below!
Pivot:________________________________
Support:______________________________

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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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