Grain Express 9/22/22
Posted: Sept. 22, 2022, 9:52 a.m.
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Corn
Not a lot has changed on the chart over the last 24-hours, as the market remains barricaded between trendline support and technical resistance. In Tuesday's Tech Talk we talked about using rallies as a selling opportunity this time of year but noted a technical breakout above resistance could spur a bigger directional move, with little resistance above $7.00 until the June 21st gap. That gap comes in from 725 3/4-728 1/4.
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Soybeans
Soybeans continue to linger between the 100-day moving average and the top end of the recent range as the market looks for new news to give it new direction. This time of year, we have a hard time getting too bullish, with some bearish seasonals in play. Technically, the chart doesn't show a lot of conviction either way, bullish or bearish.
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Wheat
Wheat futures traded against the 200-day moving average again in the overnight session, which some may see as a failure, but the fact that it wasn't a clear-cut rejection should keep the Bull's toes in the water. A breakout above the 200-day could extend the rally to the July highs, near 950.
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