The Short Covering Rally Continues | Grain Express | 5/8/2023
Posted: May 8, 2023, 7:12 a.m.
Commitment of Traders Update
- Corn: Net sellers of 102,849 futures/options contracts, 62% of that was new short positions. Funds are now net short 118,146 futures/options contracts, broken down that is 152,174 longs VS 270,320 shorts. This is their largest net short position since August 11th, 2020.
- Soybeans: Net sellers of 30,835, 75% of that was new short positions. Funds are net long just 56,373 futures/options contracts, their smallest net long positions since December 2021. Broken down, that is 107,640 longs VS 51,267 shorts.
- Wheat: Net sellers of 13,311 futures/options contracts, 96% of that was new short positions. That puts their net short position to a new 5+ year low, 126,324. Broken down, that is 58,776 longs VS 185,100 shorts.
Grain Corridor
- Deadline for an extension: May 18th
USDA Report
- Friday, May 12th. We will send out estimates in the coming days.
CornSeasonal Trend in Play
|
Technicals (July)
The recovery rally from the back half of last week is continuing in the early morning trade. July corn futures are trading into our 4-star resistance pocket, 595-601. This pocket represents previously important price points, including the breakdown point from April 27th. If you have been long the market, this may be a spot to consider reducing or hedging exposure. If the Bulls can chew through this pocket, it could spark a move towards the 50-day moving average and our next resistance pocket, 615 3/4-618.
Bias: Neutral/Bullish
Previous Session Bias: Neutral/Bullish
Resistance: 595-601 ****, 615 3/4-618**
Pivot: 572-574 1/4
Support: 545-550****
Levels Premium
🔒 You need to be a Premium User to unlock this content. Click here to unlock.
SoybeansSeasonal Trend in Play
|
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
Seasonal Trend in Play
- None
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.
Sign Up for Market Research - 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
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