Grain Volatility Remains High
Posted: July 20, 2023, 9:14 a.m.
CornTechnicals (December)December corn futures continued to scream higher in yesterday's trade on the back of headline risk coming out of the Black Sea. The market was higher for much of the overnight trade but has just turned lower this morning. Yesterday's high and the overnight high 563 1/4 & 563 3/4) will act as the first hurdle of resistance from these levels. We are moving our short-term bias from outright Neutral into bearish territory. A close above first resistance would Neutralize that bias. Bias: Bearish/Neutral Previous Session Bias: Neutral Resistance: 562-564***, 573-576****, 600** Pivot: 540 1/2-545 Support: 518-525 3/4***, 485-490***, 476**, 460-465**** |
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Soybeans |
Technicals (November)November soybean futures traded up into our 4-star resistance pocket yesterday 1427 3/4-1435, but ultimately failed. Following the technical failure, we are moving our short-term bias from outright Neutral to Bearish/Neutral. A breakout above that resistance pocket would neutralize our bias. Bias: Bearish/Neutral Previous Session Bias: Neutral Resistance: 1427 3/4-1435****, 1448-1455*** Pivot: 1390-1400 Support: 1324-1332 3/4***, 1291-1300**** |
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WheatTechnicals (September) Wheat futures rallied to the 200day moving average in the overnight but failed there for the second time in the last month. This moves our bias to outright Neutral. At the time of writing this the September contract is about 35 cents off the overnight highs. An ugly looking tail. Bias: Neutral Previous Session Bias: Neutral/Bullish Resistance: 726 3/4**, 747-751*** Pivot: 700-706 1/2 Support: 676-680***, 654-661***, 636-639** |
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