📈 Check out our S&P and Nasdaq levels as well as probable ranges across all commodities here !
🌽 You can trade everything from the S&P 500 index and Nasdaq 100 to Crude Oil, Gold, Corn, Soybeans and more!
You're not logged in!Login or Sign Up to get full-access to Blue Line Futures' exclusive research.
Grain Futures Prices Continue to Rally
Posted: June 15, 2023, 7:25 a.m.
Corn
Technicals (July)
July corn futures traded in a wide range yesterday with the 100-day moving average acting as resistance and the 50-day acting as support. As mentioned in recent reports, our bias remains Neutral. Not because there is no opportunity, but because the intraday opportunities are plentiful on both sides. There's an old saying, Bulls make money, Bears make money, and Pigs get slaughtered.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 622 1/4-625 3/4***, 631-634****
Pivot: 615 3/4**
Support: 600-605*** 591 1/2**, 577-581***
Technicals (December)
December corn futures have officially made new highs for the week and are fast approaching trendline resistance which we've outlined as 562-568. If you're a producer, we would suggest looking to add protection against these levels as we head into a long weekend (markets are closed on Monday). Options can be a great tool to protect the downside while keeping the upside open.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 562-568****
Pivot: 556
Support: 542-545***, 530 1/2-536 3/4****
Soybeans
Technicals (July)
July soybean futures are higher in the early morning trade, alongside corn and wheat. 1411-1417 Remains intact as resistance. If the Bulls can chew through this pocket, we could see an extension towards 1444-1450. This pocket represents trendline resistance from the March highs along with the 100 and 200 day moving averages.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1411-1417***, 1444-1450****
Pivot: 1388-1392 3/4
Support: 1368**, 1345-1350***, 1299-1310***
Technicals (November)
November soybeans are trading out above resistance in the early morning trade, we've had that defined as 1244 1/2-1250. If you've been long the market, you may consider reducing here. If you're a producer who needs to protect price, this isn't a bad spot as we inch towards a long holiday weekend. If the Bulls can keep the momentum going, the next upside target would be 1284-1285.
Bias: Neutral
Previous Session Bias: Neutral
Resistance: 1244 1/2-1250****
Pivot: 1220-1227
Support: 1195-1202 1/2***, 1167-1172***
Wheat
Technicals (July)
July wheat futures are revisiting yesterday's high and the 50-day moving average. 648-655 remains the more significant resistance pocket we are keeping an eye on. If the Bulls can chew through this level, we could see the market continue to grind higher with the next objective being 665-669.
Bias: Bullish
Previous Session Bias: Bullish
Resistance: 648-655***, 665-669***
Pivot: 625-630
Support: 600-605****, 590-595**
Sign up below for a FREE trial of our daily commentary!
If you have any questions about markets, trading, or opening an account please let us know! You can email us at info@BlueLineFutures.com or call 312-278-0500.
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
First Two Weeks Free! 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
.png)
.png)
