Grain Express 11/21/22
Posted: Nov. 21, 2022, 8:25 a.m.
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Commitments of Traders (through November 15th)
Friday's Commitments of Traders report showed Managed Money were:
Corn: Net sellers of 55,961 contracts, shrinking their net long position to 165,847 contracts.
Soybeans: Net sellers of 9,793 contracts, shrinking their net long position to 95,579 contracts.
Wheat: Net sellers of 4,095 contracts, expanding their net short position to 47,622.
Shortened Week
Markets are closed on Thursday for Thanksgiving and will reopen Friday morning at 8:30am CT. Shortened holiday weeks can be quite boring, but Thanksgiving week always has an asterisk next to it. With December options expiration being on Friday, you cannot assume it will be a quiet week.
Corn
December corn futures are starting the week under some minor pressure, but it so far has not been enough to violate any major technical levels. Significant support remains intact from 647 1/4-652 3/4. This pocket is not only technically significant, but also psychologically significant. There's also a large amount of 650 puts that are set to expire on Friday, which may offer another layer of support at that level. With December options expiring, volume will be shifting to the March contract. If you have December futures on, you may consider rolling before the end of the week.
Seasonal Trend in Play: March corn futures have trended higher from November 16th to January 4th for 13 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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Soybeans
January soybeans were lower for much of the overnight session but have rallied back near the unchanged market. The Bulls want to defend the lows from Thursday and Friday (1406 3/4-1412 1/4). A failure to do so could trigger a wave of technical selling pressure. On the resistance side of things, the Bulls want to get out above 1431 3/4 to open the door for a push back above 1450. We remain upbeat on soybean futures for the time being.
Seasonal Trend in Play: March soybeans have trended higher from November 16th to January 9th for 14 of the last 15 years.
For more information or ideas of how to trade this trend, contact our trade desk: 312-837-3938 or email Seasonals@BlueLineFutures.com
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Wheat
December wheat futures made new lows for the move this morning, trading to their lowest price since August 26th. Those lows will act as support, 783 1/4. A break and close below here could open the door for a drop into the August 18th/19th lows, 743 1/4-745 1/4.
Seasonal Trend in Play: None
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