---

Grain Market Recap: 

Queue up the Rocky Theme Song! Grain bulls aren’t goin’ down without a fight! After a sharply lower open, December corn and November soybeans managed to claw their way all the way back to unchanged, and settled the day higher. Wheat, on the other hand, opened the day higher and managed to gradually deflate as the day progressed. 

Corn: 

December corn opened last night’s overnight trade at 496-6. After slowly bleeding off approximately 5 cents through the evening, the low price for the day in corn was put at 490-4 around 7 AM. It didn’t take long for the corn bulls to regain control, with the contract rallying nearly 10 cents through today’s trade. We briefly got out above the psychologically significant 500 handle, putting in the day’s high at 1:00 at 501-2. Although we were not able to settle above 500, corn bulls managed to push prices back into our 497-502 pivot pocket. December corn settled the day 3 cents higher, at 496-6. 

Soybeans: 

The resilience in November beans was arguably more impressive than December corn. For the second day in a row, soybean bulls were able to defend our 4-star support pocket between 1291-1300. Overnight trade opened at 1302-0, and managed to trade all the way down to 1284-6 ahead of this morning’s open. We opened trading at 8:30 this morning at 1287-4, and the bulls came out swingin’! Bulls managed to push prices as much as 23-6 cents higher, putting the day’s high at 1311-2 at 12:15 PM CST. Bulls can head into tonight’s trade with their heads held high, after successfully defending the support pocket for the second day in a row. The November soybean contract settled the day 4 cents higher, settling at 1306-0. If bean bulls can keep up the fight, they should expect to hit some resistance between 1324-1334.

Wheat: 

After a nice 11-4 cent rally during yesterday’s trading session, wheat futures managed to disappoint bulls yet again. (Same story, different day right?) We opened the overnight trade at 657-4, and prices gradually sank as low as 643-0 at 3:00 AM. Bulls did their best to pull the September wheat contract off the lows, opening this morning’s session at 649-4. While prices did in fact push higher through the session, trading as high as 662-2 at 12:45 PM, they ran out of steam heading into the close. In the last 45 minutes of today’s trading session, September wheat managed to give back 6 cents to ultimately settle the day at 656-2, down 1-2 on the day. 

---

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 Soybeans Corn Wheat

Like this post? Share it below:

Back to Insights