Soybean Futures Prices Lead the Way Higher
Posted: July 10, 2023, 7:31 a.m.
CornTechnicals (December)Consolidation around the psychologically significant $5.00 handle continues to be the trend as we start a new week of trade. Our short-term bias remains Neutral/Bullish, aka cautiously optimistic. If the Bulls can chew through and close out above 505-511, we would likely move our bias deeper into bullish territory with the next objective being near 520. On the support side of things, 485-490 is the pocket we are watching. A break and close below here would Neutralize our bias. Keep in mind that there is a WASDE report out on Wednesday, July 12th. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 518-525 3/4***, 540 1/2-545 ** Pivot: 505-511 Support: 485-490***, 476**, 460-465**** |
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Soybeans |
Technicals (November)November soybean futures are firm in the early morning trade, erasing Friday's losses. Technically, the early morning rally doesn't change a lot as the market remains in no-man's land on the chart, near the 200-day moving average. If the Bulls can maintain this strength through today's trade, potentially it propels prices back near the recent highs. However, a failure to hold on to strength could take us back near $13.00. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1390-1400***, 1427 3/4*** Pivot: 1340-1350 Support: 1324-1332 3/4**, 1291-1300*** |
WheatTechnicals (September)September wheat futures have been on both sides of unchanged in the early morning trade. The tested our pivot pocket form 654-661 but have so far failed. First support comes in from 636-639. A break and close below here and the Bears could pounce. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 676-680****, 694-700*** Pivot: 654-661 Support: 636-639***, 623-625*** |
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