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Corn

Technicals (December)

December corn futures were able to recover from Wednesday's weakness, in yesterday's trade.  That momentum has helped carry prices out above this week's and last week's highs which opens the door for a retest of the breakdown point from the June 30th acreage report, that comes in near 520.  On more of a macro picture, cooling inflation data this week, lower rates, and a breakdown in the US Dollar all acted as major tailwinds to most commodities yesterday.

Bias: Bullish/Neutral

Previous Session Bias: Neutral/Bullish

Resistance:  518-525 3/4***, 540 1/2-545 **

Pivot: 506-510 

Support: 485-490***, 476**, 460-465****

Soybeans 

Technicals (November)

Soybean futures had an impressive reversal yesterday, erasing all of Wednesday's losses and then some, taking prices to their highest closing price since June 21st.  Borad based strength in commodities thanks to a friendly macro backdrop, coupled with a flash sale to Mexico proved to be enough to reinvigorate buying activity.  That has spilled into strength in the early morning trade with prices inching closer towards our resistance pocket from 1390-1400.

Bias: Bullish/Neutral

Previous Session Bias: Neutral/Bullish

Resistance: 1390-1400***, 1427 3/4***

Pivot: 1340-1350

Support:  1324-1332 3/4***, 1291-1300****

Wheat

Technicals (September)

September wheat futures were able to firm yesterday despite weakness in the early morning trade.  Broad based momentum has helped keep that momentum alive in the overnight and early morning trade.  The market is testing the upper end of the week's range along with the 50-day moving average.  If the Bulls can achieve a close back above 654-661, we could say that the Bulls would be back in the driver's seat. 

Bias: Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 654-661***, 676-680****

Pivot:  636-639

Support: 623-625***

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Grains

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