Grain Express 10/05/22
Posted: Oct. 5, 2022, 7:33 a.m.
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Corn
There's not a lot of new technical developments for corn as the market remains mostly rangebound between our support and resistance levels. We have been in and remain in the camp that believes there will be short term trading opportunities for participants on both sides. A break above resistance or below support would likely change that theses as we could see the market take more of a direction, other than sideways.
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Soybeans
Soybean rallied yesterday, but it was really nothing more than retracing the breakdown point from Friday. Lower highs and lower lows have been the trend of late, but the market is approaching significant support. Below the low end of the recent range is the gap from July 26th, that comes in near 1350. There is a Bullish seasonal for November soybeans started yesterday, but as mentioned in yesterday's report we are a bit hesitant to jump on board just yet. Our hesitancy comes from the delay in planting pushing back harvest, which may bump back the seasonals just a hair.
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Wheat
Wheat futures continue to be very choppy, but the overall chart structure remains constructive. Resistance from 940-950 is the pocket the Bulls need to get out above. A failure to do so could drop prices back to trendline support, which we outlined as 873-880 in yesterday's report.
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