A Huge Week for the Grain Markets
Posted: June 26, 2023, 7:52 a.m.
CornTechnicals (September) September corn futures broke lower on shortly after the Sunday night open but have managed to recover and trade back into positive territory as of 5:30am CT. As far as intermediate term outlooks go, our bias remains Neutral as Mother Nature will likely have the final say. With that said, there will likely continue to be a lot of great intraday opportunities off of techncial support and resistance levels.
Bias: Neutral Previous Session Bias: Neutral Resistance: 593-599***, 613**, 622-624 3/4**** Support: 568 1/4-571 1/4****, 555-558*** |
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Technicals (December)December corn futures were lower for much of the overnight trade but were able to defend our 4-star support pocket from Friday, which we outlined as 571-576 (overnight low was 575 1/2). December futures have found their way back to positive territory as focus shifts from weekend weather to this week's weather as well as crop progress after the close and Friday's USDA report. It seems reasonable to believe that some states could see another decline in good/excellent conditions. In the back half of last week, we reiterated our opinion that producers should consider price protection after the sharp rally because risk happens fast, as everyone was reminded on Friday. Can the market go higher? Absolutely. But at this point Mother Nature has the final say, which means there's also risk to the downside. Options can be a great tool to protect the downside while keeping the upside open (if you're bullish).
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 627-630*** Pivot: 609-614 Support: 571-576****, 556-560*** |
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SoybeansTechnicals (August) August soybean futures have tested and defended the 100-day moving average (1389) in the last two sessions and are so far defending it nearly perfectly yet again. On the upside, the 200-day moving average is as short-term resistance, that comes in near 1415. A break above or below could trigger the next momentum move.
Bias: Neutral Previous Session Bias: Neutral Resistance: 1413-1419***, 1444-1447**** Support: 1383-1389***, 1365-1371**** |
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Technicals (November)It's been a moving average sandwich for November soybean futures since Friday with the 100-day (1294) acting as support and the 200-day (1335) acting as resistance. 1320-1330 was the pivot pocket on Friday and that remains the case today. Technicals will largely take a back seat to mother nature on an intermediate term, but still may present some potential intraday entry/exit points for both the Bulls and the Bears.
Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1335-1341***, 1364 3/4**, 1381-1387*** Pivot: 1320-1330 Support: 1191-1202 1/2****, 1167-1172*** |
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