Can Corn Futures Stage a Spring Rally?
We've shifted our focus to the July futures contracts as the volume starts to increase there and decrease in May futures. May options expiration is this Friday, which means first notice day is next week. If you're in May futures, you may consider exiting or rolling those positions.
Corn
Technicals (July)
July corn futures have traded on both sides of unchanged as we start a new week of trade. The fact that the Bulls were able to defend support late last week is a silver lining for the Bull camp, but upside expectations are likely tempered as it continues to be a mostly sideways trade over the last month. The sideways trade isn't a great environment for the perma-bull or perma-bear, but it's great for shorter term traders, on both sides of the market.
Bias: Bullish/Neutral
Resistance: 441 3/4-444 1/2***, 449 1/2-451****
Pivot: 431 1/2-435
Support: 433 1/4-436****, 422 1/4-424 1/4***
Fund Positioning
Friday’s Commitment of Traders report showed that Funds were net sellers of about 16k contracts (through 4/16/24), that puts their net short position at 279,570. Broken down that is 161,576 longs VS 441,146 shorts.
Seasonal Trends
(Past performance is not necessarily indicative of future results)
Check out this link to review the chart.
https://bluelinefutures.com/2024/04/22/grain-markets-mixed-to-start-the-week/
Below is a look at price averages for December corn, using the 5, 10, 15, 20, and 30 year averages. We update this each Monday. If you'd like to look at different contract months, spreads, etc, let us know and we can send those charts to you.
Check out Blue Line Futures
https://bluelinefutures.com/
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!
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
Corn
Technicals (July)
July corn futures have traded on both sides of unchanged as we start a new week of trade. The fact that the Bulls were able to defend support late last week is a silver lining for the Bull camp, but upside expectations are likely tempered as it continues to be a mostly sideways trade over the last month. The sideways trade isn't a great environment for the perma-bull or perma-bear, but it's great for shorter term traders, on both sides of the market.
Bias: Bullish/Neutral
Resistance: 441 3/4-444 1/2***, 449 1/2-451****
Pivot: 431 1/2-435
Support: 433 1/4-436****, 422 1/4-424 1/4***
Fund Positioning
Friday’s Commitment of Traders report showed that Funds were net sellers of about 16k contracts (through 4/16/24), that puts their net short position at 279,570. Broken down that is 161,576 longs VS 441,146 shorts.
Seasonal Trends
(Past performance is not necessarily indicative of future results)
Check out this link to review the chart.
https://bluelinefutures.com/2024/04/22/grain-markets-mixed-to-start-the-week/
Below is a look at price averages for December corn, using the 5, 10, 15, 20, and 30 year averages. We update this each Monday. If you'd like to look at different contract months, spreads, etc, let us know and we can send those charts to you.
Check out Blue Line Futures
https://bluelinefutures.com/
Email info@Bluelinefutures.com or call 312-278-0500 with any questions -- our trade desk is here to help with anything on the board!
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