Grain Express 11/07/22
Posted: Nov. 7, 2022, 8:13 a.m.
Oliver will be out of pocket today, if you need an order in or would like to discuss markets, our trade desk is available to help.
Corn
Corn futures opened the Sunday night session on softer ground but are attempting to close that gap in the early morning trade. Support was tested, but not broken, keeping it intact from 674-676.
Coming Soon: Seasonal Trend Alert for March Corn that starts on November 16th. Contact us for more information.
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Soybeans
Soybeans continue to look the most constructive out of the three grain markets we write about. Resistance was tested and held Friday, keeping it intact from 1454 1/4-1462 1/4. A breakout above this pocket could spark another move higher, with little technical resistance until you get near the technically and psychologically significant $15.00 mark.
Coming Soon: Seasonal Trend Alert for March Soybeans that starts on November 16th. Contact us for more information.
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Wheat
December Chicago wheat futures are lingering near the same levels we were at from two weeks ago. The fact that it is holding is a silver lining for the Bulls. A break and close below 833-839 would likely be the "tap out" point for some longs, which could trigger additional long liquidation.
Upcoming Seasonal Trend: Bearish March Chicago Wheat from November 4th to November 19th. This has played out for 13 of the last 15 years.
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