Is Corn Building A Bottom?
Corn
Technicals (December)
December corn futures continued to retreat in yesterday's trade, settling right in the middle of our pivot pocket from 399-403. Trendline resistance comes in at the upper end of that pivot pocket, above that is the 20-day moving average at 408. That acted as a brick wall in Tuesday's trade where we posted a high of 409. A move out above here on a closing basis could spark some optimism, but that seems like a tall order at this point. On the support side, 395-396 is the pocket the Bulls want to defend. A break and close below there takes us to new lows and keeps the door open for a test of 380-385.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish (cautiously optimistic)
Resistance: 408-409***, 412 3/4-413**, 421 3/4-423 3/4****
Pivot: 399-403**
Support: 395-396***, 380-385**
Weekly Export Sales Estimates (released at 7:30am CT)
Old Crop: 100,000 to 400,000 MT. Last week, old crop sales were reported at 167,864 MT, a marketing-year low
New Crop: 475,000 MT to 1.0 MMT. Last week's report came in at 710,900 MT.
Average Estimates for August 12th USDA Report
Production: 15.105 billion bushels
Yield: 182.1 bushels per acre
Harvested Acres: 82.974 million
23/24 Ending Stocks: 1.886 billion bushels
24/25 Ending Stocks: 2.106 billion bushels
Below: Daily Chart of December Corn Futures, depicting trendline resistance from the June highs as well as the 20-day moving average (in purple).
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.
Technicals (December)
December corn futures continued to retreat in yesterday's trade, settling right in the middle of our pivot pocket from 399-403. Trendline resistance comes in at the upper end of that pivot pocket, above that is the 20-day moving average at 408. That acted as a brick wall in Tuesday's trade where we posted a high of 409. A move out above here on a closing basis could spark some optimism, but that seems like a tall order at this point. On the support side, 395-396 is the pocket the Bulls want to defend. A break and close below there takes us to new lows and keeps the door open for a test of 380-385.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish (cautiously optimistic)
Resistance: 408-409***, 412 3/4-413**, 421 3/4-423 3/4****
Pivot: 399-403**
Support: 395-396***, 380-385**
Weekly Export Sales Estimates (released at 7:30am CT)
Old Crop: 100,000 to 400,000 MT. Last week, old crop sales were reported at 167,864 MT, a marketing-year low
New Crop: 475,000 MT to 1.0 MMT. Last week's report came in at 710,900 MT.
Average Estimates for August 12th USDA Report
Production: 15.105 billion bushels
Yield: 182.1 bushels per acre
Harvested Acres: 82.974 million
23/24 Ending Stocks: 1.886 billion bushels
24/25 Ending Stocks: 2.106 billion bushels
Below: Daily Chart of December Corn Futures, depicting trendline resistance from the June highs as well as the 20-day moving average (in purple).
Check out CME Group real-time data plans available on TradingView here: tradingview.com/cme/
Disclaimers:
CME Real-time Market Data help identify trading set-ups and express my market views. If you have futures in your trading portfolio, you can check out on CME Group data plans available that suit your trading needs tradingview.com/cme/
*Trade ideas cited above are for illustration only, as an integral part of a case study to demonstrate the fundamental concepts in risk management under the market scenarios being discussed. They shall not be construed as investment recommendations or advice. Nor are they used to promote any specific products, or services.
Futures trading involves substantial risk of loss and may not be suitable for all investors. 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.
Disclaimer
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