Grain Markets Continue to Slide Lower
Posted: July 28, 2023, 7:20 a.m.
CornTechnicals (December) December corn futures closed lower in yesterday's session settling right tin the middle of our 3-star support pocket, 540 1/2-545. The lower close marked the third consecutive days of losses, the longest losing streak since the dramatic selloff in June. The weakness has carried over into the overnight and early morning trade with that previously mentioned support pocket giving way. If the Bulls fail to reclaim this pocket through today's session, it could keep the door open for a pullback into the mid to low 520's, which was the breakout point for the recent run which occurred on July 18th. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 554-556***, 562-564***, 573-576**** Pivot: 540 1/2-545 Support: 518-525 3/4*** |
 |
Soybeans |
|
Technicals (November) 1427-1435 has continued to be a BRICK WALL for the market. That rejection has helped bring prices back to (and below) our pivot pocket, 1390-1400. Today's close will be an important one. A failure to defend our pivot pocket could lead to long liquidation, which would not the good. Soybeans are the only grain market that the funds have been decisively optimistic on for the last month. The next support pocket we see comes in from 1368-1378. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1427 3/4-1435****, 1448-1455*** Pivot: 1390-1400 Support: 1368-1378***, 1324-1332 3/4***, 1291-1300**** |
 |
WheatTechnicals (September) Wheat futures have taken out the recent lows which has taken prices into negative territory for the week, trading into our 3-star support pocket 693 1/2-698 3/4. If the Bulls fail to defend this pocket, the next support level comes in closer to 680. The past few weeks have been a great example of the old saying "Bulls make money, bears make money, pigs get slaughtered". Bias: Neutral Previous Session Bias: Neutral Resistance: 744-745***, 770-777 1/2**** Pivot: 726 3/4 Support: 693 1/2-698 3/4***, 678-680*** |
 |
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