Grain Express 10/24/22
Posted: Oct. 24, 2022, 9:06 a.m.
Watch us on RFD-TV, today at 9:45 AM CT!
Commitments of Traders
Friday's CoT report (through Oct. 18) showed the following:
Corn: Managed Money sold roughly 13k contracts, shrinking their net long position to 254k.
Soybeans: Managed Money bought roughly 1k contracts, narrowly expanding their net long position to 71k.
Wheat: Managed Money sold roughly 3k contracts, expanding their net short position to 22k.
Harvest
This afternoon’s weekly crop progress report is expected to show corn harvest near 60% complete and soybeans near 80%.
A Look at the Outside Markets
Equity markets are firm, oil is down over 2%, and the US Dollar is hovering around 112.00. The Hang Sang Index (Hong Kong's stock market) is down roughly 7% this morning.
Corn
There's not much to say about the technical landscape of December corn futures that hasn't been said recently. The market continues to be very rangebound, keeping many of the technical support and resistance levels intact.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Soybeans
Soybeans were able to rally on Friday, some of which may have been on the back of options expiration. Futures are giving back those gains in the early morning trade. With November options expiration behind us, the volume will be shifting to the January contract. The bullish seasonal ends this week and the Bulls are narrowly hanging on. As with corn, the market is mostly rangebound, so there's not a lot of updates on support and resistance levels to start the week.
Seasonal Trend in Play: November soybeans have been higher from October 4th-October 27th for 13 of the last 15 years.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Wheat
December wheat futures are continuing to consolidate near 840. A break and close below this pocket could trigger additional technical selling which could take prices back near the technically and psychologically significant $8.00 handle. We could make the case for 40 cents in either direction, for that reason we are keeping our bias at Neutral.
Technicals Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
In case you haven't already, you can sign up for a complimentary 2-week trial of our complete research packet, Blue Line Express.
Sign up for a Free Trial
Start Trading with Blue Line Futures
Don't have an account with Blue Line Futures?
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