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Have Grain Markets Found a Bottom? | Grain Express | 5/23/2023 |

Posted: May 23, 2023, 7:56 a.m.

We discussed the recent grain trade in yesterday's interview with RFD-TV, check it out on our YouTube Channel!

Corn

Seasonal Trend in Play

  • September corn futures have trended lower for 12 of the last 15 years from 4/30-6/24. 

 

Technicals (July)

  • July corn futures had an impressive recovery rally in yesterday's trade, taking prices right into our first resistance pocket, 569-572.  This will act as a pivot pocket in today's trade.  Ift he Bulls can chew through and close above this pocket, we could see an extension towards 586-588.  On the support side, 561 3/4 is the first line of defense.  As mentioned yesterday, we continue to believe there is opportunity for the market to recover ground from last week's losses, but we may ultimately see that relief rally turn into consolidation until we get new news to give us new direction.  That would likely come from weather or export data (or lack thereof).

 

Bias: Bullish/Neutral

Previous Session Bias: Neutral/Bullish

Resistance: 586-588***, 595-601****

Pivot: 569-572 561 3/4

Support: 561 3/4**, 541 1/2-550****, 516 1/2**

 
ZCN2023_2023-05-23_06-59-34

Soybeans 

Seasonal Trend in Play

  • The next Seasonal Trend for soybeans is for the July contract and starts on May 28th.

 

Technicals (July)

  • Wow.  What a day soybeans had yesterday.  They tested and held 4-star support which we laid out as 1299-1310 and rallied to 1344 1/4, just 3/4 of a cent below what we referred to in yesterday's report as "the first major hurdle", 1345-1348.  As mentioned in yesterday's Market Recap, this goes to show that money flow and technicals are playing an important role in the current trading environment.  If the Bulls can get over this hurdle, we could see the market continue to recover losses from last week's trade.  The next objective for the Bulls would be 1355 3/4-1362 3/4.  Above that, 1380-1385. 

 

Bias: Bullish/Neutral

Previous Session Bias: Neutral/Bullish

Resistance: 1355 3/4-1362 3/4****, 1380-1385****

Pivot: 1345-1348

Support:  1299-1310****

 
ZSN2023_2023-05-23_07-11-50

Wheat

Seasonal Trend in Play

  • None

 
ZWN2023_2023-05-23_07-11-21

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Grains Soybeans Corn Wheat

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