---

We are approaching the halfway point on day two of the crop tour.  Here’s what we’ve seen so far on today's route in Indiana.

Follow along here!  https://form.bluelinefutures.com/crop-tour

Grain Market Recap: 

It was another frustrating day in the grain markets with each of the corn and soybean contracts moving lower on the session (wheat was higher though!). Yesterday’s Crop Progress report didn’t really do the markets a favor with Good-to-Excellent ratings coming in within the range of expectations, and soybean Good-to-Excellent (G/E) ratings left unchanged from last week. However, we may get our first glimpse at the overall impact of the current heatwave in next week’s Crop Progress report. If we see material declines in G/E ratings, it could serve as a bullish tailwind for the grain complex.  

 

Corn: 

Yesterday’s price action on the December corn contract felt like a gut punch. While today’s trade mostly served as a continuation of yesterday, there were some positives to take away from it. Bulls were able to defend our 4-star support pocket between 472-476, and did their best to stage a late-session comeback. Defending this pocket is the first line of defense in building a move back to test the 497-502 pivot pocket. The contract bounced around either side of unchanged in the overnight session, but continued its descent as soon as the 8:30 bell opened trade this morning. The low for the day was recorded at 12:10 PM at 474-2, and the contract was able to recoup 5 cents before the close. For the day, December corn settled at 479-4, down 3 cents. 

 

Soybeans: 

November soybeans were the biggest, and only, winner during yesterday’s session, but they were the biggest loser today. The Crop Progress leaving G/E ratings unchanged (58% G/E) yesterday afternoon came as a bit of a disappointment. Price action today was emblematic of that sentiment. It only took about 20 minutes for the November soybean contract to shed 8-2 cents. The contract bottomed out at 12:15, trading down to 1339-0. Like corn, soybeans were able to recoup some of their losses from earlier in the session ahead of the close, ultimately at 1346-0, down 15-6 cents. Trading off the lows toward the end of the session is encouraging, but the contract now has sufficient ground to make up from yesterday’s high. 

 

Wheat: 

The tables have turned! September wheat was the only contract to close in positive territory today. The contract is still working its way back to our 603-607 pivot pocket, but closing back above 600 is at least psychologically significant. Price action was choppy throughout the day, moving sharply lower at the open, then rallying all the way back. The low for the day was recorded at 9:56, 594-4, but managed to claw back all of those losses to ultimately gain 8 cents. For the day, September wheat closed 2-4 cents higher at 601-6.

 

---

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

Livestock Grains

Like this post? Share it below:

Back to Insights