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Corn Technicals (December) December corn futures have been attempting to carve out a near term low for the last few sessions and though it has so far lacked conviction, it appears it may be happening.  The Bulls still have their work cut out for them.  Their objective is to achieve a close back above 502-506 1/2.  If they can get this done, it could open the door for additional relief and a retest of 518-525 3/4.   Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 518-525 3/4****, 540 1/2-545*** Pivot: 497-502  Support: 480-482***

 

Soybeans

Technicals (November) November soybeans tested and held the 50% retracement in yesterday's trade, nearly to a T, at 1282.  The market reversed and finished the day out above 1300 which has opened the door for more Bullish momentum in the overnight and early morning trade.   The next upside target for the Bulls is our resistance pocket from 1324-1334.  This pocket represents previously important price points along with the 200-day moving average, which has been extremely sticky over the past month.  of the last 23 trading sessions, 10 of those traded on the 200-day moving average, which may not sound all that impressive, but it is when considering we traded in a $1.50 range during that same time.  Bias: Bullish/Neutral Previous Session Bias: Neutral Resistance: 1324-1334***, 1350-1355** Pivot: 1291-1300  Support:  1282**, 1256-1260***

 

Wheat Technicals (September) September Chicago wheat futures were sharply lower yesterday but were able to finish the day just about a penny lower, thanks in part to some spillover buying from the corn and soybean markets.  Wheat is again the laggard in the early morning trade, but not all hope is lost.  There hasn't been a lot of technical damage done this week, so our bias remains intact.  A break and close below 4-star support would Neutralize that.  Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance:  693 1/2-698 3/4***, 744-745*** Pivot:  669-673 Support:   622-632****

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