Corn Futures Prices Rally for the Third Consecutive Day. Can We Make it 4? | Grain Express | 5/25/2023 |
Posted: May 25, 2023, 8:14 a.m.
Weekly Export Sales Snapshot
Corn: Net sales reductions of 75,200 MT for 2022/2023 were down 78 percent from the previous week and down noticeably from the prior 4-week average. Net sales of 52,100 MT for 2023/2024.
Soybeans: Net sales of 115,000 MT for 2022/2023 were up noticeably from the previous week, but down 26 percent from the prior 4-week average. Net sales of 1,100 MT for 2023/2024.
Wheat: Net sales reductions of 45,100 metric tons (MT) for 2022/2023--a marketing-year low--were up 7 percent from the previous week, but down noticeably from the prior 4-week average. Net sales of 245,100 MT for 2023/2024. |
CornSeasonal Trend in Play
|
 |
Technicals (July)
- July corn futures have rallied back into our resistance pocket 586-588 and are so far stalling out. The Bulls want to chew through this pocket to encourage another leg higher ahead of the long weekend. A failure to do so could spur a retracement of the three-day rally, with 569-572 being the target.
Bias: Bullish/Neutral
Previous Session Bias: Bullish/Neutral
Resistance: 586-588***, 595-601****
Pivot: 569-572
Support: 561 3/4**, 541 1/2-550****, 516 1/2**
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.
WheatSeasonal 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.
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