Where's The Bottom?

Corn (December)

Fundamentals: Seasonal weakness and technical selling is taking the role as co-lead catalysts. The seasonal that we mentioned a few weeks ago is coming back to life. That seasonal strategy states that selling December corn on August 21st and buying it back on September 8th has been a profitable trade for 12 of the last 15 years. The years that it didn’t was 2006 (up 8 ½ cents), 2010 (up 29 ¾ cents), and 2020 (up 21 ¼ cents).

Technicals: Corn futures made new lows for the move yesterday but were able to close back above support into the close. If you've been short, this may not be a terrible spot to consider reducing some of that exposure. A break and close below support could start to trigger additional long liquidation, some of which may start to be forced by margin departments after a three-day slide. The next support pocket comes in from 507-514 ¼. The Bulls need to establish consecutive closes back above our pivot pocket to neutralize the bearish chart developments..........Click this link to read the FULL report and receive our daily commentary

Bias: Bearish/Neutral Previous Session Bias: Bearish/Neutral

Resistance: 561 ¼-563 ½**, 569 ¼-573 ½***, 588 ½-594 ¼*** Pivot: 551 ½-555 ½ Support: 527 ½-532 ¼**, 507-514 ¼**** Soybeans (November)

Fundamentals: Soybeans continued to bleed lower yesterday on technical weakness spurred by concerns of potential export disruptions from hurricane Ida. The Bulls need to see some bigger and more consistent flash sales to help support prices, a failure to do so could continue to soften up the technical landscape.

Technicals: Soybean technicals continue to soften up, right along with the price. The market tested and was able to defend support into yesterday’s close, but prices are right back to making new lows for the move and threatening to break the August 20th low, 1277 ¼. A break and close below support could start to trigger additional long liquidation, some of which may start to be forced by margin departments after a five-day slide. With prices treading near support, this may be a decent spot to look at reducing short exposure, if you've been short..........Click this link to read the FULL report and receive our daily commentary

Bias: Bearish/Neutral Previous Session Bias: Bearish/Neutral

Resistance: 1325 ¾-1333****, 1347 ¼-1352 ¼***, 1378-1379 ¼** Pivot: 1300 ½-1306 ¾ Support: 1286 ¼-1292**, 1277 ¼**, 1240 ½**** Wheat (December)

Techncials: The market broke below the neckline of the bearish head and shoulders pattern, in yesterday’s session, but managed to springboard right back to the breakdown point which for now indicates a rejection of lower prices. With that said, the bears are still in control of the technical landscape so long as they can continue to defend our pivot pocket from 744¾-750..........Click this link to read the FULL report and receive our daily commentary

Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish

Resistance: 770 ½**, 786 ½* 799-801 ½** Pivot: 744 ¾-750 Support: 718 ½-723 ½***, 694 ¾-700****


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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.

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