Wheat is Bucking the Trend | Grain Express | 5/3/2023
Posted: May 3, 2023, 7:50 a.m.
Grain futures were under heavy pressure early this morning, but wheat was able to hold its own and is now in positive territory. Is the low finally in?
Corn
Seasonal Trend in Play
- September corn futures have trended lower for 12 of the last 15 years from 4/30-6/24. We touched on this seasonal in yesterday's inaugural episode of Trade It or Fade It: Trade It or Fade It (Ep. 1) 05/02/2023 - Blue Line Futures
- Remember, seasonal tendencies aren't alone enough of a reason to enter a trade. You should take into account the current environment, including fundamentals, technicals, and sentiment. With that said, we wouldn't recommend trading this specific seasonal trend, at this point.
Technicals (July)
July corn futures looked to be on the up and up yesterday but reversed to finish the session lower, that weakness coupled by a blood bath in the energy sector has led to additional pressure in the early morning trade, making new lows for the move. The lack of follow-through following Friday's reversal was the caution flag. To prevent a further deterioration of prices, the Bulls will want to defend 572-574 on a closing basis.
Bias: Neutral/Bullish
Previous Session Bias: Neutral/Bullish
Resistance: 595-601 ****, 615 3/4-618**
Pivot: 572-574 1/4
Support: 545-550****
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Soybeans
Seasonal Trend in Play
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WheatSeasonal Trend in Play
Technicals (July)
Bias: Bullish Previous Session Bias: Bullish/Neutral Resistance: 665-670***, 712-715***, 730-735*** Pivot: 640-650 Support: 600-605** |
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