Quarterly Stocks Estimates
The quarterly stocks report will be out on Monday, September 30th. Market action following the release of the report has been split over the last 10 years with 5 higher closes and 5 lower closes for both corn and soybeans.
Argentina Grain Production Estimates
The Buenos Aires Grain Exchange estimates their soybean production to rise 3% from last year, while corn production is expected to fall by 5.1%. Wheat production is expected to jump by a whopping 23%, a big number on paper but nominal relative to global production.
Â
Corn
Technicals (December)
December corn futures were lower yesterday morning but were able to defend our pivot pocket to a T, from 408 1/2-409. With buyers stepping back in there, that propelled prices right back to our first resistance pocket from 413 1/2-416. If the Bulls can achieve consecutive closes above this pocket, we could see that give the green light for another leg higher. We are still optimistic on upside potential, but also believe that there will be a lot of great shorter-term opportunities on both sides of the market into next week’s quarterly report.
Technical Levels of Importance
- Resistance: 413 1/2-416, 423 3/4-426 1/2*
- Pivot: 408 1/2-409
- Support: 401-403 3/4, 380-385
Seasonal Tendency Update
Below is a look at price averages for December corn over the last 5, 10, 15, 20, and 30 years. Past performance is not necessarily indicative of future results.
Want to Keep reading?
Unlock the full report, including insights on soybeans and wheat—sign up for your free trial today!
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.
On the date of publication, Oliver Sloup did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
/Amazon%20-%20Image%20by%20bluestork%20via%20Shutterstock.jpg)
/Micron%20Technology%20Inc_logo%20and%20website-by%20Mojahid%20Mottakin%20via%20Shutterstock.jpg)
/Salesforce%20Inc%20HQ%20building-by%20JHVEPhoto%20via%20Shutterstock.jpg)
