Grain Express 11/23/22
Posted: Nov. 23, 2022, 8:47 a.m.
Corn
December corn futures were under minor pressure yesterday, but it wasn't enough to change the technical landscape. Support and resistance levels remain intact. We see significant support from 647 1/4-652 3/4. A failure here could spark additional long liquidation from funds who hold a net long position of 165,847, as of November 15th. Keep in mind that December options expiration is Friday, so March futures will be the most actively traded month.
Seasonal Trend in Play: March corn futures have trended higher from November 16th to January 4th for 13 of the last 15 years.
Managed Money Position: 165,847
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 soybean futures were on the verge of a nice rally yesterday but stalled out just before resistance from 1448-1450. The market then reversed to finish the session lower, which has spilled into weakness in the early morning trade. Prices are now below yesterday's low, which if confirmed through the floor open could take us to retest the 50 and 100 day moving average, 1419 3/4 and 1413 7/8. We remain upbeat on prices, but a break and close below $14.00 would neutralize that near-term bias.
Seasonal Trend in Play: March soybeans have trended higher from November 16th to January 9th for 14 of the last 15 years.
Managed Money Position: 95,579
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 are making new lows for the move yet again, testing the lows from the end of august, 783 1/4. A close below here could keep the pressure on, with little meaningful support until you get to the August lows, 743 1/4-745 1/4.
Seasonal Trend in Play: None
Managed Money Position: -47,622
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