Grain Market Volatility Remains High
Posted: July 26, 2023, 7:18 a.m.
https://www.youtube.com/watch?v=KiDc0j9ysR4
CornTechnicals (December) Corn futures continued to reject our 4-star resistance pocket in yesterday's trade, we've outlined that as 573-576. There are a lot of technical barriers within that pocket: the 200dma, previously important price points dating back to the spring and as recent as June, as well as an important Fib. Bulls and bears can use the same levels. For Bulls, a spot to consider reducing. For Bears, a spot to consider selling against with a good risk/reward setup thanks to a well-defined zone. The market has pulled back and is testing yesterday's low which also coincides with our pivot pocket, 554-556 which was derived by finding the 50% retracement from the high and low this summer. A failure to defend this pocket could trigger additional technical selling with the next support pocket coming in in the low 540's. We mentioned the indecisiveness of Funds in our interview with Ag-Day TV on Monday. We believe that will keep volatility around, which could continue to present some great shot term trading opportunities. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 562-564***, 573-576****, 600** Pivot: 554-556 Support: 540 1/2-545***, 518-525 3/4*** |
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Soybeans |
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Technicals (November) November soybean futures are attempting to consolidate near the upper end of the range that dates back to last September. 4-star resistance remains intact from 1427 3/4-1435. Weather will likely have the final say if that gives holds or gives way. If the market can chew through and close above that pocket, the next objective for the Bulls would be 1448-1455. On the flip side, 1390-1400 is the pocket the Bulls want to defend. A break and close below there could lead to long liquidation down to the 1370's. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1427 3/4-1435****, 1448-1455*** Pivot: 1390-1400 Support: 1368-1378***, 1324-1332 3/4***, 1291-1300**** |
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WheatTechnicals (September) Previous resistance was able to act as support in yesterday's trade and is attempting to hold again this morning. A break and close below yesterday's low, 736 1/2 could trigger additional profit taking. Headline risk remains high which is keeping our bias in Neutral for the time being. Bias: Neutral Previous Session Bias: Neutral Resistance: 770-777 1/2****, 800**, 814-816 3/4**** Pivot: 744-745 Support: 726 3/4**, 693 1/2-698 3/4***, 678-688*** |
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