Grain Express 9/16/22
Posted: Sept. 16, 2022, 8:51 a.m.
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Corn
December corn futures broke through our pivot pocket from 682-685, opening the door for a potential retracement to 3-star support, 665-667. We wouldn't be surprised to see this pocket hold on the first test, but if it does give way it could spur technical selling down to our next support pocket, 647 1/4-650 1/4.
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Soybeans
November soybean futures have pulled back to and are lingering near our pivot pocket, 1446 1/4-1450 1/2. This pocket represents the 50% retracement from Monday's rally, along with the 100-day moving average. We would not be surprised to see this pocket hold today. With that said, there is risk of it eventually giving way, which could accelerate the selling down to our 4-star support pocket, 1404 1/2-1416 3/4.
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Wheat
Chicago wheat futures are retreating to Friday's breakout point. We talked about this in yesterday's report. "We believe that the Bulls have the technical advantage so long as they can defend our support pocket from 839-849, this was previously resistance. As far as resistance goes, there's not a lot of significant resistance until you get above the psychologically significant $9.00 handle. 909-913 represents previously important price points and the 200-day moving average."
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