Soybeans Test and Defend Significant Support (for now) | Grain Express | 5/22/2023 |
Posted: May 22, 2023, 7:26 a.m.
Soybean futures had an ugly reversal on Friday which took prices to our 4-star support pocket, 1300-1310. If this support pocket holds, what kind of relief rally could we see?
Corn
Seasonal Trend in Play
- September corn futures have trended lower for 12 of the last 15 years from 4/30-6/24.
Commitment of Traders Update (through 5/16/23)
- Managed money were net buyers of 17,657 futures/options contracts through May 16th, the bulk of that was new longs (versus short covering). That shrinks their net short position to 91,985 contracts (171,753 longs VS 263,738 shorts)
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SoybeansSeasonal Trend in Play
Commitment of Traders Update (through 5/16/23)
Technicals (July)
Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 1355 3/4-1362 3/4****, 1380-1385**** Pivot: 1345-1348 Support: 1299-1310**** |
WheatSeasonal Trend in Play
Commitment of Traders Update (through 5/16/23)
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