Grain Markets Stage a Modest Relief Rally
Posted: Aug. 16, 2023, 7:29 a.m.
CornTechnicals (December)December corn futures were lingering along support from 480-482 for much of the morning. The breakdown below that support triggered the biggest volume bar of the session, with about 6,400 contracts traded on that one-minute bar. The market is working hard in the overnight to try and find its footing, but the Bears still have control until we can see a conviction close above that 480-482 pocket. News Improving crop conditions coupled with record Brazilian production has been a headwind for the market. There are some private Crop Tours hitting the road this week. We will be on the Pro Farmer Crop Tour next week. Findings from the "boots" on the ground will likely be a better barometer of yield potential than what we get with the weekly Crop Progress reports. We will be providing several video updates a day from the Crop Tour, so be sure to follow us on YouTube, Twitter, and Facebook for our most up to date information. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 502-506 1/2***, 518-525 3/4**** Pivot: 480-482 Support: 472-476** |
 |
Soybeans |
|
Technicals (November) November soybeans are attempting to erase yesterday's losses, in the early morning trade as the market seems stuck between the 100 and 200 day moving averages, while trading on the 50-day moving average for seven consecutive sessions. We remain more upbeat on soybeans than the other markets but a break and close back below 1291-1300 would neutralize that bias. The Bulls need to see a breakout above 1324-1334 to encourage a more meaningful rally. News Yesterday's NOPA Crush report came in at 173.303 million bushels, above the average estimate of 171.337 million bushels. That was a record for July and nearly 2% more year over year. Soy oil stocks hit a 10-month low, coming in at 1.527 billion pounds, well below the average estimate of 1.687 billion. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 1324-1334***, 1350-1355** Pivot: 1291-1300 Support: 1282**, 1256-1260*** |
 |
WheatTechnicals (September) Wheat futures broke hard again yesterday, trading to their lowest level since the May 31st low. The market is rebounding overnight and in the early morning on what some are reporting as "escalating tensions", but perhaps it has just as much to do as the market being so oversold. The Bulls need to see a close back above 603-607 to encourage a bigger relief rally. News Ukraine said Russia had attacked its grain storage facilities overnight, but a container ship left the Black Sea port of Odesa on Wednesday despite Moscow's threat to target shipping after it abandoned an export deal. -Reuters Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 622-632***, 669-673*** Pivot: 603-607 Support: 587 3/4-591 1/2**** |
 |
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
Like this post? Share it below:
Back to Insights
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Free Trial