Crop Progress Pressures Prices Overnight. A Buying Opportunity?

Farming - shutterstock_1494272252
Provided by TradingView


Technicals (July)
July corn futures were able to gain back most of the losses from Thursday and Friday, but that rally fell flat after crop progress showed 70% of the crop planted, which was 2% ahead of expectations and now just 1% behind the 5-year average pace. As mentioned, many times on many outlets over the last week, a rise in volatility during this time of year should be anything but unexpected. Overnight strength last week was faded, will overnight weakness be faded this week? The Bulls want to see our pivot pocket from 454 1/4-456 1/2 defended on a closing basis. A close back above 460 1/4-463 1/2 would open the door for a retest of the recent highs from 471-474 3/4.

Bias: Bullish/Neutral

Resistance: 460 1/4-463 1/2, 471-474 3/4, 483 1/2-486**

Pivot: 454 1/4-456 1/2

Support: 448-451**


Provided by TradingView 


Technicals (July)
July soybean futures had a nice run higher yesterday after staging a clean break above our pivot pocket from 1220-1225. 1232 1/4-1236 3/4 was first resistance yesterday, that will act as the new pivot pocket for today’s trade. The next upside target remains intact from 1252-1259. We remain optimistic based on the technical landscape.

Bias: Bullish/Neutral

Resistance: 1252-1259***

Pivot: 1232 1/4-1236 3/4

Support: 1220-1225, 1199 1/2-1204*


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.