Grain Markets Get Hit Hard

Grain Express

/ by Blue Line Futures

Grain Markets Get Hit Hard

Grain markets get hit hard on last night’s open, but have battled back and stabilized some into the early morning trade.  These are the levels to keep an eye on into tomorrow’s WASDE report
 

Outside Market Headlines
WASHINGTON/DUBAI/TEL AVIV, April 8 (Reuters) – The United States and Iran agreed to a two-week ceasefire brokered by Pakistan, potentially suspending a six-week-old war that has killed thousands, spread across the Middle East and caused unprecedented disruption to the world’s energy supplies.

Trump announced the agreement late on Tuesday, just two hours before a deadline he had set for Iran to open the blockaded Strait of Hormuz or face the destruction of its “whole civilisation”.

Pakistani Prime Minister Shehbaz Sharif said he had invited Iranian and U.S. delegations to meet in Islamabad on Friday. The deal is subject to Iran’s agreement to pause its blockade of oil and gas passing through the strait, Trump said.

 

A Quick Look at Outside Markets (at 5:30am ct)

S&P: +2.67%

NQ: +3.51%

Gold: +2.67%

Oil: -16.28%

Grain Market Headlines
Estimates for Thursday’s WASDE Report:

Corn


Technicals (May)
Corn futures retreated yesterday, retesting our significant 4-star support pocket which we’ve had outlined as 446 3/4-449 1/4 (yesterday’s low: 448 1/4). An evening headline lead to that pocket giving way overnight, which triggered additional technical pressure which dropped prices right near our next support level: 442 1/2, so far the overnight low as 442 1/4. Below that and the selling would likely continue to snowball. The Bulls have their work cutout for them to get the chart back in good graces. Old support will now be resistance, which comes with a gap now too, that pocket will be 446 3/4-448 3/4.

Technical Levels of Importance
Resistance: 459 3/4 -462**, 469-470 1/2***
Pivot: 446 3/4-449 1/4
Support: 440 1/4-442 1/2**, 434-437***

Seasonal Tendencies
Below is an updated look at historical price averages for December corn over different time frames, 5, 10 ,15, 20, and 30 years. Historically the month of March has proven to be on the choppier side, with shorter term price averages looking more favorable than the longer term ones.

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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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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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