Grain Express
Posted: June 22, 2023, 8:18 a.m.
CORNTechnicals (December) December corn futures are under fire in the early morning trade as the risk continues to shift between "we need rain" and "what if it rains". Prices are now just a few cents away from unchanged on the week. Technicals largely take a back seat to weather at this point, but we continue to believe it's prudent for producers to manage risk at these levels. Keep in mind that we also have a quarterly report next week from the USDA that has historically led to some big price swings. Short, dated options continue to be an excellent tool and are worth considering for those that want some shorter-term protection.
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 627-630*** Pivot: 598-604 Support: 584**, 571-576****, 556-560*** |
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SoybeansTechnicals (November) November soybean futures took out yesterday's low and the selling accelerated through the morning which has taken prices to negative territory for the week. We are now approaching support, which we laid out in yesterday's report as 1295-1302 1/2. A break and close below there and there's not much for another 50 cents. As with corn, we continue to believe it's prudent for producers to manage risk at these levels. Keep in mind that we also have a quarterly report next week from the USDA that has historically led to some big price swings. Short, dated options continue to be an excellent tool and are worth considering for those that want some shorter-term protection.
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1364 3/4**, 1381-1387*** Pivot: 1335-1341 1/4 Support: 1295-1302 1/2***, 1250-1258*** |
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