WASDE Report Recap
WASDE Report Recap – Blue Line Futures
Oliver is traveling today; this is an abbreviated Grain Express.
As always, our trade desk is here to help: 312-278-0500
Corn
Technicals (December)
Corn futures looked like they were on a path to retest the lows following yesterday’s report but managed to rally back into the close which has led to additional strength in the overnight and early morning trade. First resistance remains intact from 413 1/2-416.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 413 1/2-416, 421 3/4-423 3/4*
Pivot: 409
Support: 401-403 3/4, 380-385
Below: Daily Chart of December Corn Futures.
Soybeans
Technicals (November)
November soybeans remain mostly rangebound with support near $10 and resistance near 1030. A breakout above or below could spark a bigger directional move.
With U.S. harvest just around the corner, attention has started to shift towards South American weather. Here’s a look at why that’s important: Brazilian Crop Production Preview – Blue Line Futures
Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 1023-1024 1/2, 1031 3/4-1035
Pivot: 1000-1006 1/2
Support: 984 3/4-991, 973 1/4, 950-955 1/4*
Below: Daily Chart of November Soybean Futures
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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.
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