Grain Prices Retreat After Yesterday's Rally
Posted: June 14, 2023, 7:22 a.m.
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CornTechnicals (July)July corn futures had an ugly reversal yesterday afternoon after failing against the 100-day moving average for the second consecutive day. That bearish reversal has spilled into weakness in the overnight and early morning trade, bringing prices back near the psychologically significant $6.00 handle and the 50-day moving average, $6.01 1/2. As mentioned in recent reports, our bias remains Neutral. Not because there is no opportunity, but because the intraday opportunities are plentiful on both sides. There's an old saying, Bulls make money, Bears make money, and Pigs get slaughtered.
Bias: Neutral Previous Session Bias: Neutral Resistance: 622 1/4-623 3/4***, 631-634**** Pivot:615 3/4** Support: 600-605*** 591 1/2**, 577-581*** |
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Technicals (December)December corn futures rallied up to the 100-day moving average and near trendline resistance in yesterday's trade but ran out of gas. Prices have retreated a bit in the early morning session and are currently trading near our pivot point, 543 1/4. If the Bulls fail to defend this level through today's session, we could see the market retreat back to our 4-star support pocket, 530 1/2-536 3/4. Needless to say, weather will continue to rule the day.
Bias: Neutral Previous Session Bias: Neutral Resistance: 556 3/4**, 562-568**** Pivot: 543 1/4 Support: 530 1/2-536 3/4**** |
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SoybeansTechnicals (July)July soybean futures traded to their highest price since May 12th in yesterday's session but haven't been able to find much follow-through in the overnight and early morning trade. Previous resistance will now act as support / our pivot pocket, we see that as 1388-1392 3/4. A break and close back below here could neutralize some of the recent momentum that we've seen.
Bias: Neutral Previous Session Bias: Neutral Resistance: 1411-1417*** Pivot: 1388-1392 3/4 Support: 1368**, 1345-1350***, 1299-1310*** |
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Technicals (November)November soybeans broke out above trendline resistance yesterday and made a beeline for the 50-day moving average, where the rally came to a screeching halt. That same trendline will now act as support going forward, 1220-1227. A failure to defend this pocket could lead to a retracement back to the breakout point and psychologically significant $12.00 level.
Bias: Neutral Previous Session Bias: Neutral Resistance: 1244 1/2-1450**** Pivot: 1220-1227 Support: 1195-1202 1/2***, 1167-1172*** |
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WheatTechnicals (July)July Chicago wheat futures tested but failed against the 50-day moving average in yesterday's trade. That failure may be encouraging some weakness in the early morning trade, as well as potential spillover selling from corn and soybeans. 625-630 remains intact as our pivot pocket. The Bulls need to defend this on a closing basis. A failure to do so could take prices back to 600-605. Continued consolidation into next week's options expiration seems like a likely scenario.
Bias: Bullish Previous Session Bias: Bullish Resistance: 648-655***, 665-669*** Pivot: 625-630 Support: 600-605****, 590-595** |
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