Grain Express 10/03/22
Posted: Oct. 3, 2022, 8:33 a.m.
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Corn
Corn futures rallied on Friday, bumping its head against technical and psychologically significant resistance near $7.00. That failure took prices back to where we were trading pre-report, which was still a decent gain on the day. Some of the choppy action may have been due to it also being the last trading day of the month and quarter.
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Soybeans
Soybeans took a dive on Friday following a bearish quarterly stocks report. The market has not seen any follow-through selling to start the new week, month, and quarter, which is a silver lining for the Bulls. With that said, if the consolidation gives way to weakness, we could see the market finally fill the gap from July 26th, that comes in from 1349 1/4-1356.
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Wheat
The wheat chart remains incredibly constructive as the market works its way out above the 100 and 200 day moving average for the first time since the beginning of the year. 940-950 is a significant resistance pocket, we wouldn't be surprised to see prices fail here on the first test. With that said, if the Bulls can chew through this pocket, there are almost clear skies for another $1.00.
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