A Mixed Morning in the Grain Markets

Posted: July 27, 2023, 8:18 a.m.

Corn

Technicals (December)

December corn futures broke below the 50% retracement yesterday which opened the door for additional long liquidation, taking prices into our support, 540 1/2-545. A failure to defend this pocket could keep the pressure on, with the next downside target coming in near the low 520's. The Bulls need to see a close back above 554-556 to gain back the technical advantage.

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***

Soybeans

Technicals (November)

November soybeans were little changed and remain trapped in the great wall of resistance which goes up to 1435. If the Bulls can chew through that level, potentially it spurs a bigger breakout and a retest of the contract highs. What caught our eye in the beans yesterday was the August contract which made new contract highs yesterday thanks to a 20cent(ish) pop in the last 10 minutes of trade. This will be something to keep an eye on as supply concerns may help the market stay supported.

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****

Wheat

Technicals (September)

Wheat futures traded sharply lower yesterday following a breakdown back below the trendline and 200-day moving average, forming a little bit of a double top against the highs from the end of June. 693 1/2-698 3/4 will be an important support pocket to keep a close eye on, a failure there could take prices back to square one.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 744-745***, 770-777 1/2****

Pivot: 726 3/4

Support: 693 1/2-698 3/4***, 678-688***

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