Grain futures find relief in the overnight and early morning trade, will it last?

Corn

Technicals (July)

July corn futures broke lower yesterday, closing in our 4-star support pocket which we've had outlined as 448-451.  The market is rebounding nicely from this level, which may just be some relief ahead of a weekend which seems to be fairly common this time of year.  If the Bulls can get back out above 454 1/4-456 1/2 it could neutralize some of the bearish technicals that have developed through this week's trade. 

This morning's weekly export sales report came in at 810,100 MT for 2023/2024 were down 11 percent from the previous week and 2 percent from the prior 4-week average.

• Bias: Bullish/Neutral
• Resistance: 460 1/4-463 1/2***, 471-474 3/4****
• Pivot: 454 1/4-456 1/2
• Support: 448-451****

Soybeans

Technicals (July)
Soybeans are higher in the overnight trade which may be coming on the back of basic relief following a sharp pullback in the last three sessions. Political headlines may also be playing a role. For several months now we've talked about trade being a potential political football as we get closer to the election (this is not a political statement, just a simple fact). Previous support from 1220-1225 will be watched closely into the weekend as it will now act as the first hurdle for the Bulls to overcome.

This morning's weekly export sales report came in at 329,400 MT for 2023/2024 were up 18 percent from the previous week, but down 5 percent from the prior 4-week average.

• Bias: Neutral
• Resistance: 1232 1/4-1236 3/4, 1252-1259, 1280**
• Pivot: 1220-1225
• Support: 1199 1/2-1204****

Wheat

Want to keep reading?

Subscribe to our daily Grain Express for daily insights into Soybeans, Wheat, and Corn technicals, including our proprietary trading levels, and actionable market bias.

Sign Up for Free Futures 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
Performance Disclaimer
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program.
One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.