Grain Markets Find Their Footing
Posted: July 13, 2023, 8:30 a.m.
6-10 Day Weather OutlookThe most recent 6-10 day outlook shows near normal temperatures for much of the Cornbelt with near normal levels of precipitation. |
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CornTechnicals (December)December corn futures broke lower following yesterday's USDA report, closing at their lowest level since October 2021. In our opinion, the report was not as bearish as you would think, if you were just looking at quotes. Sure yield came in about a bushel above expectations, but the fact that the USDA adjusted yield at all let alone 4 bushels is a step in the right direction. Soybeans on the other hand saw a much more bearish report which we believe may have spilled into weakness for corn. Wheat didn't do offer any favors either. Previous support is now resistance, the Bulls want to reclaim ground above 485-490 to have a shot at carving out a near term low. A failure to do so keeps the Bears in the driver's seat. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 506-510****, 518-525 3/4***, 540 1/2-545 ** Pivot: 485-490 Support: 476**, 460-465**** |
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Soybeans |
Technicals (November)November soybean futures were firm in yesterday's early morning trade, but rolled out of bed following the release of the USDA report. A significant increase in new crop carryout was the catalyst. Beans are recovering in the overnight and early morning trade which is encouraging. Weather is going to be hugely important in the coming weeks, which may keep some premium in the market. First support from 1324-1332 3/4 was tested and has held. This keeps the Bulls in the driver's seat for the time being. A break and close below the pocket could turn the tide. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 1390-1400***, 1427 3/4*** Pivot: 1340-1350 Support: 1324-1332 3/4***, 1291-1300**** |
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WheatTechnicals (September) Wheat futures took out support from 636-639 yesterday which spilled into weakness overnight. The market is attempting to make a recovery from the overnight lows, trading back into positive territory at the time of writing this. Previous support is now resistance, the Bulls want to see a close back above the 636-639 pocket to negate yesterday's breakdown. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 654-661***, 676-680**** Pivot: 636-639 Support: 623-625*** |
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