Is The Bottom In for Grain Markets? | Grain Express | 5/19/2023
Posted: May 19, 2023, 7:58 a.m.
Is a Tsunami of Bad News Good News?
- In yesterday's interview with RFD-TV we talked about how the grain markets have just been bombarded with bearish headlines over the last two weeks, including things like: solid planting progress, friendly weather, dismal demand, the Black Sea Grain Deal extension, a strengthening US Dollar, etc, etc. The culmination of it all may have been yesterday's dreadful export sales report (which didn't come as much of a surprise) which likely triggered the "just get me out" orders at the 8:30am open. Some of which may have been prompted by margin and risk departments, we talked about how this may play a role in the market dynamics in our weekly 2-Minute Drill on Wednesday (watch now!) After a certain point, the bulk of the bearish news is out in the open and the market can take a minute to regroup and catch its breath. That does not mean that long term lows are in (although they could be). As stated in yesterday's interviews, we think that in the short term, the markets can start to rebound from these levels and consolidate into a holding pattern.
CornSeasonal Trend in Play
Technicals (July)
Bias: Neutral/Bullish Previous Session Bias: Neutral Resistance: 569-572***, 586-588***, 595-601**** Pivot: 561 3/4 Support: 541 1/2-550****, 516 1/2**
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WheatSeasonal Trend in Play
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Technicals (July)
Bias: Bullish/Neutral Previous Session Bias: Neutral/Bullish Resistance: 640-650**, 663-670*** Pivot: 625 Support: 600-605** |
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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
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