Grains Surge on the Suspension of the Black Sea Grain Deal
Posted: July 17, 2023, 7:23 a.m.
Black Sea Grain Deal SuspendedA pact that has allowed the safe Black Sea export of grain from Ukraine for the past year will expire at the end of Monday after Russia said it will suspend its participation. -Reuters |
CornTechnicals (December)Corn futures have officially made it back to "the scene of the crime", aka the breakdown point from the June 30th acreage report. We've been talking about this being a potential target for both the Bulls and the Bears. For the Bulls, this is a spot to consider reducing against and for the Bears it's a spot to consider using as a place to reenter shorts. We are moving our short-term bias from Bullish territory to outright Neutral. A failure to sustain the overnight and early morning strength would likely move our bias into Bearish territory. Bias: Neutral Previous Session Bias: Bullish/Neutral Resistance: 518-525 3/4***, 540 1/2-545 ** Pivot: 506-510 Support: 485-490***, 476**, 460-465**** |
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Soybeans |
Technicals (November)November soybean futures are higher in the early morning trade but are struggling near our first resistance pocket, 1390-1400. We are moving our bias from cautiously Bullish to outright Neutral. A failure to get out above resistance this week would move our short-term bias back into Bearish territory, with the first downside target being 1340-1350. This pocket has been rather sticky for the market recently. Just below that pocket is the 200-day moving average, which also offered some support last week. Bias: Neutral Previous Session Bias: Neutral/Bullish Resistance: 1390-1400***, 1427 3/4*** Pivot: 1340-1350 Support: 1324-1332 3/4***, 1291-1300**** |
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WheatTechnicals (September)September wheat futures have been able to stage an impressive rally over the last session and a half, thanks in part to headlines out of the Black Sea which have added risk premium. The market has tested and is currently trading above our 4-star resistance pocket, 676-680. Ignoring the noise and trading the charts, this is a spot for the Bulls to consider reducing long exposure against. We are moving our bias from outright Bullish to Neutral/Bullish. Bias: Neutral/Bullish Previous Session Bias: Bullish Resistance: 700-706 1/2***, 726 3/4** Pivot: 676-680 Support: 654-661***, 636-639**, 623-625*** |
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