Grain Futures Prices Continue to Rally
Posted: July 19, 2023, 8:15 a.m.
CornTechnicals (December) Corn had an impressive run yesterday as the market chewed through our first resistance (518-525) like a warm knife through butter, then beelined it to our next resistance pocket, 540-545. In the early overnight and early morning trade that pocket gave way which extended the rally yet again, taking prices back to the 50% retracement from the June 21st peak to the July 13th low, that comes in at 555 1/2. If the markets can continue the momentum, the next target area would be 575. This pocket represents a key retracement, the 200-day moving average, along with other previously important price points. Bias: Neutral Previous Session Bias: Neutral Resistance: 573-576****, 600** Pivot: 540 1/2-545 Support: 518-525 3/4***, 485-490***, 476**, 460-465**** |
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Soybeans |
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Technicals (November) November soybeans are trading out above our resistance pocket from 1390-1400 which has opened the door for a run at our next level, 1427 3/4. Hot and dry forecast are likely a driver in the move higher. Yes, it's summertime and heat is expected and normal. Unfortunately, drought conditions remain a concern despite recent rains. Bias: Neutral Previous Session Bias: Neutral Resistance: 1427 3/4-1435****, 1448-1455*** Pivot: 1390-1400 Support: 1324-1332 3/4***, 1291-1300**** |
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WheatTechnicals (September) September wheat futures are on the move today, trading up nearly 5%. This has brought prices into our resistance pocket, 700-706 1/2. If the Bulls can keep the momentum going, a retest of the 200-day moving average could be in the cards, that comes in near 747. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 700-706 1/2***, 726 3/4**, 747*** Pivot: 676-680 Support: 654-661***, 636-639**, 623-625*** |
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