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Corn
Technicals (March)
March corn futures retreated yesterday testing the lower end of the downward slowing trendline support from the July lows. As mentioned in yesterday’s commentary, we view this as a short-term value area where we could see prices begin to stabilize and potentially firm. The first hurdle for the Bulls to overcome comes in from 481-484. IF the Bulls can chew through that pocket, we could see that spark some short covering into a historically friendly time of year for the corn market (don’t confuse that with a guaranteed rally).
Bias: Bullish/Neutral
Resistance: 493-496 1/2****
Pivot: 481-484
Support: 472-475****, 460-464 1/2**
Seasonal Tendencies
Below is a look at historical seasonal averages for March corn futures (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.
Soybeans
Technicals (January)
January soybean futures were able to defend support over the past two sessions which encouraged buyers to step back in, taking prices back near our pivot pocket from 1346-1350, which so far is acting as a brick wall. IF the Bulls can achieve a close above here it could spur additional technical buying. A failure and there’s potential we revisit if not take out the lows from the start of the week. We are moving our bias from Bullish territory to outright Neutral this morning. Anyone got a quarter?
Bias: Neutral
Resistance: 1360-1362**, 1375-1380***
Pivot: 1346-1350
Support: 1323-1327***
Seasonal Tendencies
Below is a look at historical seasonal averages for January soybean futures VS this year’s price (black line), updated each Monday.
*Past performance is not necessarily indicative of futures results.
Wheat
Technicals (March)
March wheat futures were able to string together a nice little rally yesterday, but it wasn’t nice enough to erase all of Monday’s losses. However, yesterday’s strength has spilled into the overnight and early morning trade which has brought us back near unchanged for the week. 591 1/2-595 is a ways a way but that’s the barrier that the Bulls need to get out above to encourage a bigger relief rally.
Bias: Neutral/Bullish
Resistance: 591 1/2-595***, 604-6081/2***
Pivot: 567-571 3/4
Support: 540-547 1/2***
Seasonal Tendencies
Below is a look at historical seasonal averages for March Chicago wheat futures VS this year’s price (black line), updated each Monday.
*Past performance is not necessarily indicative of futures results.
Oliver Sloup, VP & Co-Founder, Blue Line Futures
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