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Corn Technicals (December) December corn futures traded lower for the 6th consecutive session, the longest losing streak since dramatic June selloff.  The market found support in the early morning trade, thanks to more headlines out of the Black Sea.  The overnight pop took prices into our pivot pocket, 518-525 3/4, but fell flat there.  The Bulls need to see a close above here to encourage a retracement higher.  Our short-term bias has moved to outright Neutral.   Bias: Neutral Previous Session Bias: Neutral/Bearish Resistance:  540 1/2-545***, 554-556*** Pivot: 518-525 3/4  Support: 497-502****

Soybeans

Technicals (November) Soybeans were able to stabilize along the 200-day moving average in yesterday's trade, which is acting as a bit of a magnet again in the early morning trade.  We have moved our short-term bias to outright Neutral.  New lows on the week would put the Bears back in the driver's seat.  Weather looks to be mostly favorable on the 6-10 day outlook, but a lot of that may have been baked into the cake on Monday.  Last week's string of flash sales is a silver lining for demand.  The Bulls need to see those continue.  Bias: Neutral Previous Session Bias: Neutral/Bearish Resistance: 1368-1378***, 1390-1400*** Pivot: 1350-1355  Support:   1324-1332 3/4***, 1291-1300****

 

Wheat Technicals (September) Wheat futures got a nice pop overnight, trading out above the 100-day moving average and as high as 684.  At the time of writing this, the September contract is about 22 cents off those highs.  677-680 is the pivot pocket that the Bulls want to close back above in order to neutralize the technical weakness.   Bias: Neutral Previous Session Bias: Neutral Resistance:  693 1/2-698 3/4***, 744-745*** Pivot:  677-680 Support:   622-632****

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