Grain Express

Posted: June 27, 2023, 7:48 a.m.

Grain Express New

Technicals (December)

December corn futures continue to retreat in the early morning trade despite another drop in crop conditions. Prices are now testing our 4-star support pocket, 571-576. If you've been short the market, this may be a spot to consider reducing some of that exposure or hedging the upside. If you are Bullish and had the patience to wait for a pullback, this may be a short-term buying opportunity. For the last week or two we've been urging producers to consider using options to protect the downside. That bias remains intact.

Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish

Resistance: 627-630***

Pivot: 609-614

Support: 571-576****, 556-560***

Soybeans

Technicals (November)

November soybean futures are breaking below the 100 day moving average which has been acting as support over the last few sessions, that will be watched closely today. A close below this pocket could spur additional technical selling pressure and take prices back near 1245-1250. As with corn, our bias has been and remains intact. That being producers should have considered and still should consider protecting the downside.

Bias: Neutral/Bearish

Previous Session Bias: Neutral/Bearish

Resistance: 1335-1341***, 1364 3/4**

Pivot: 1284-1294

Support: 1245-1250****, 1200**

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