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Corn
Technicals (March)
March corn futures continued to slide lower yesterday which took prices back towards the low end of the risk range from 470-473. We think this pocket represents an opportunity for traders on both sides of the markets. For the Bears, an opportunity to reduce exposure. For the Bulls, an opportunity to put on exposure. Our bias has been tilted to the bearish side for some time now, but this morning we are moving that to outright Neutral/Bullish, aka cautiously optimistic.
Bias: Neutral/Bullish
Resistance: 493-496 1/2****, 502 1/2-505***
Pivot: 481-484
Support: 470-473****, 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 (March)
The bulk of the trade volume has shifted out to the March contract. March soybean futures are flirting with trendline support with trendline resistance lurking in the background. A breakout or breakdown from this wedge could spark a bigger directionally move, with South American weather a potential catalyst to spur that move. We are moving our bias from cautiously bearish to outright Neutral as we could make the case for a move either way. On one hand, you have
Bias: Neutral/Bearish
Resistance: 1340-1342***, 1360-1362**
Pivot: 1325-1330
Support: 1318-1320**, 1305-1314****, 1282-1285****
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 have been choppy to start the week as market participants look to tie up any loose ends before the long weekend. The choppy trade has done little to alter the technical landscape, keeping many of the support and resistance levels intact. We have had a bearish tilt in our bias, but the lack of a clear-cut rejection from these levels may indicate the market is building energy for another leg higher. We are moving our bias to outright Neutral for the time being.
Bias: Neutral
Resistance: 622-631***, 645-650***
Pivot: 608 1/2-611
Support: 591 1/2-595***
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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