---

The relief rally in the grain markets came to a screeching halt today, at least for corn and soybeans.  July corn futures finished the day’s trade at 596 ½, that was unchanged for the day.  In our daily Grain Express and in our morning interview with RFD-TV, we talked about 595-600 being a near-term inflection point for the market.  This pocket represents the breakdown point from April 27th.  A close above or a failure could be good enough of a clue to give the market for its next 15-20 cent move.  Looking at the new crop December contract, the chart has been and remains less friendly. 

July soybeans came into the morning trading to their highest price in two-weeks but failed to sustain that momentum through the day.  At the close, July futures were 2 ¾ cents lower at 1433 ¾.  The new crop November contract was 7 ½ lower to 1272 ½. 

July Chicago wheat tested and failed against our 4-star resistance pocket this morning, we’ve had that defined as 665-670.  In this morning’s Grain Express we noted “If you had gotten long exposure on last week, this may be a spot to consider reducing or hedging market exposure.  This is an important pocket, which was significant support from March to the eventual breakdown point on April 24th.”.  At the close, July Chicago wheat was 15 cents off the high, settling at 654, down 6 ¼ for the day.  July KC wheat was able to firm, finishing the day 11 ¼ higher to 844 ¼.  Minneapolis spring wheat was 7 ¾ higher to 843 ¾.

 

Crop Progress Snapshot

• Corn:  49% planted, up from 26% last week.  The range of estimates was wide enough to drive a truck through, from 34%-64%, the average being 48%.
• Soybeans: 35% planted, up from 19% last week.  The range of estimates was 25%-41%, the average being 34%.
• Spring Wheat: 24% planted, up from 12% last week.  The range of estimates was 19%-49%, the average being 28%.

---

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

Grains

Like this post? Share it below:

Back to Insights