Grain Express 11/17/22
Posted: Nov. 17, 2022, 9:52 a.m.
Watch us on RFD-TV, today at 12:45 PM CT!
|
Ukraine Grain Exports A deal to extend the Black Sea grain deal for 120 days was confirmed by Russia's foreign ministry early this morning, which has grains under pressure in the early morning trade.
Export Sales Corn: Net sales of 1,169,700 MT for 2022/2023 Soybeans: Net sales of 3,030,100 MT for 2022/2023 Wheat: Net sales of 290,300 metric tons (MT) for 2022/2023 |
Corn
Corn futures are under pressure in the early morning trade, but it hasn't yet been enough to do any techncial damage. Technical support remains intact from 647 1/4-652 3/4. A break and close below this pocket would neutralize our bias as it could spark additional long liquidation, with little meaningful technical support until closer to 630.
Seasonal Trend in Play: March corn futures have trended higher from November 16th to January 4th for 13 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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 are retreating in the early morning trade, threatening our pivot pocket from 1413-1420. We remain optimistic, but a failure here would neutralize our short-term bias, as it could add additional pressure to prices. The next line in the sand for support coming in at the psychologically significant $14.00 handle.
Seasonal Trend in Play: March soybeans have trended higher from November 16th to January 9th for 14 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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 under pressure this morning following the headlines from the Black Sea. Prices took out the recent lows, trading at their lowest level since September 1st. The market has come off those lows, trading near the psycholgically significant $8.00 handle. A failure to defend our support pocket from 791 1/4-801 1/4 could open the door for another 40-50 cents of downside.
Seasonal Trend in Play: Bearish March Chicago Wheat from November 4th to November 19th. This has played out for 13 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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