Grain Express

Outside Markets: Outside markets are “steady” this morning, which now days just means not limit up or down. The “steady” trade is helping offer support to the agricultural markets in the overnight/early morning trade. The day is still very young and can change in seconds, so be sure to manage your risk appropriately and consider reducing the size of your normal position (if you haven’t already)

Corn (May)

May corn gotten taken to the woodshed yesterday as the selling continued to accelerate. The market has found some relief in the overnight and early morning session, a small victory for the Bulls, who know they have A LOT of work left to do on the chart. The first barrier that the bull camp needs to reclaim comes in from 350-355, consecutive closes above there could trigger short covering back to previous support and the breakdown point from Monday, 363 ½-365 ¾.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 363 ½-365 ¾****, 373 ¼-375**

Pivot: 350-355

Support: 330-332

Soybeans (May)

Soybeans are sharply higher today, coming close to erasing all of the losses from the first half of the week. We had several clients reach out yesterday with regards to buying corn, we think better risk/reward play is in soybeans, as corn may continue to struggle with ethanol plants ratcheting back. Soybeans are in our pivot pocket, 842-845 ¼. The next resistance above here comes in from 854-854 ¾.

Bias: Neutral/Bullish

Previous Session Bias: Neutral

Resistance: 854-854 ¾***, 875**, 888 ½-889 ¾***

Pivot: 842-845 ¼

Support: 820-821**

Chicago Wheat (May)

Chicago may wheat tested our pivot pocket yesterday but failed to attract new buyers above there, 510 ¾-512 ¼. The buyers have stepped in, in the overnight session to take us out above that pocket and putting us within a stones throw of a more significant resistance pocket, 523-528 ½. This pocket represents the 50% retracement, the 200-day moving average, and several previously important price points.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 523-528 ½***, 540 ½-542 ½****

Pivot: 510 ¾-512 ¼

Support: 488 ¼-494****

Sign up for your FREE two-week trial of our daily commodity reports!

Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.

3 views0 comments

Recent Posts

See All