Grain Express 12/05/22
Posted: Dec. 5, 2022, 8:10 a.m.
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Corn (March)
Managed Money Position: 193,989 (Updated with the weekly CoT Report)
Seasonal Trend in Play: March corn futures have trended higher from November 16th to January 4th for 13 of the last 15 years.
Technicals: Friday's technical breakdown has moved our short-term bias to Neutral. The Bulls want to reclaim ground above our pivot pocket 660 to repair the technical damage. The next meaningful support pocket that we see, doesn't come in until 638-638 1/2, which represents a small gap from August 23rd.
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Soybeans (March)
Managed Money Position: 103,196 (Updated with the weekly CoT Report)
Technicals: arch soybeans were able to recover some on Friday, which has helped futures find their footing in the Sunday night and Monday morning trade. 1453-1460 is our pivot pocket the Bulls want to overcome. A close above this pocket could take the prices back to last week's high, 1484. If the market does retest the high, we think there's a good chance it wouldn't stop there.
Seasonal Trend in Play: March soybeans have trended higher from November 16th to January 9th for 14 of the last 15 years.
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Wheat (March)
Managed Money Position: -53,058 (Updated with the weekly CoT Report)
Technicals: March wheat futures narrowly took out the August lows, to trade to the lowest levels since February. This brought the RSI below 30 on Friday. Our bias is Neutral/Bullish, aka cautiously optimistic about a potential relief rally. Last week we noted looking at the options market as a way to get upside exposure while limiting risk.
Seasonal Trend in Play: None
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