Grain Express 9/8/22
Posted: Sept. 8, 2022, 8:52 a.m.
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Corn
Corn futures poked their head above 4-star resistance yesterday but reversed hard and are right back to our pivot pocket, 665-667. The Bulls will want to defend this pocket to prevent a further decline to 4-star support, 647 1/4-650 1/4. As mentioned, multiple times this week, we expect to see consolidation ahead of next week's USDA report, for that reason we are keeping our bias at Neutral.
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Soybeans
November soybean futures rallied yesterday morning but reversed to take out the lows from last week, this opens the for for a test of our next support pocket, 1376-1379. The more significant support pocket comes in from 1349-1356, this represents the gap from July 26th.
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