Grain Markets Drift Lower (Wheat)
Wheat
Technicals (May)
May wheat futures are under some minor pressure to start the week and are flirting with our pivot pocket from 550-555. If the Bulls fail to defend this pocket on a closing basis, we could see additional pressure come into the market with the next downside target coming in from 537-540.
Bias: Neutral/Bullish
Resistance: 573 1/2-575, 595 3/4-600, 608 1/2-611**
Pivot: 550-555
Support: 537-540*, 525
Fund Positioning
Friday’s Commitment of Traders report showed Funds were net buyers of about 5.4k contracts. That trims their net short position to 86,568 contracts.
Seasonal Trends
(Past performance is not necessarily indicative of future results)
Below is a look at price averages for July wheat, using the 5, 10, 15, 20, and 30 year averages. Historically this isn’t the most friendly time of year.
Check out the full article: bluelinefutures.com/2024/04/15/grain-markets-drift-lower/
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
Technicals (May)
May wheat futures are under some minor pressure to start the week and are flirting with our pivot pocket from 550-555. If the Bulls fail to defend this pocket on a closing basis, we could see additional pressure come into the market with the next downside target coming in from 537-540.
Bias: Neutral/Bullish
Resistance: 573 1/2-575, 595 3/4-600, 608 1/2-611**
Pivot: 550-555
Support: 537-540*, 525
Fund Positioning
Friday’s Commitment of Traders report showed Funds were net buyers of about 5.4k contracts. That trims their net short position to 86,568 contracts.
Seasonal Trends
(Past performance is not necessarily indicative of future results)
Below is a look at price averages for July wheat, using the 5, 10, 15, 20, and 30 year averages. Historically this isn’t the most friendly time of year.
Check out the full article: bluelinefutures.com/2024/04/15/grain-markets-drift-lower/
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
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.