Grain Markets Under Pressure to Start a BIG Week

Corn - Yellow corn with husks removed by mute-gemini via Pixabay
  • Grain markets will be closed on Wednesday in observance of Juneteenth
  • July options expiration is Friday


Provided by Tradingview

Technicals (July)
July corn futures failed against 3-star resistance in the back half of last week’s trade, a pocket that we’ve had defined for a while now as 460 1/4-463 1/2. That failure took prices back into our pivot pocket at the close of Friday’s trade, 448-451 (closing at 450). That weakness has carried over into the Sunday night and Monday morning trade, taking prices within stone’s through of minor 2-star support at 444 1/4. A failure to hold here opens the door for a drop into our more significant support pocket from 433-436.

July options expiration is on Friday, this could play a role in short term price action. Just glancing at Open Interest on those options this morning, it looks like a weekly close at 450 would cause the most pain (the most options expiring worthless, puts and calls).

Seasonally/historically, this isn’t the best time of year to get Bullish. As mentioned many times in the last several weeks, Producers will want to consider using rallies as opportunities to be more proactive in playing price defense.

  • Bias: Neutral
  • Resistance: 460 1/4-463 1/2, 471-475 1/2*
  • Pivot: 448-451
  • Support: 444 1/4, 433-436**


Provided by Tradingview

Technicals (July)
July soybeans have broken below support in the overnight trade, we’ve defined that as 1170-1175. A failure to regain ground above this pocket keeps the door open for further pressure with little meaningful support until the lows of the year, from 1140-1145. Significant resistance remains intact from 1199 1/2-1204.

  • Bias: Neutral
  • Resistance: 1199 1/2-1204, 1220-1225
  • Pivot: 1170-1175
  • Support: 1140-1145****


Provided by Tradingview

Want to keep reading?

Subscribe to our daily Grain Express for daily insights into Soybeans, Wheat, and Corn technicals, including our proprietary trading levels, and actionable market bias. 

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 or call us at 312- 278-0500
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.