Grains Under Pressure
Posted: July 31, 2023, 8:11 a.m.
CornTechnicals (December) December corn futures gaped lower on the Sunday night open thanks to improving weather conditions for much of the Midwest. The weakness comes on the back of 4 lower closes which has taken prices into our 3-star support pocket, 518-525 3/4. This pocket represents the breakout point from July 18th along with other previously important price points. A failure to defend this area on a closing basis could keep the pressure on, with little significant support until you get closer to the psychologically significant $5.00 handle. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 554-556***, 562-564***, 573-576**** Pivot: 540 1/2-545 Support: 518-525 3/4***, 509-511**, 497-502**** |
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Soybeans |
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Technicals (November) November soybean futures are under pressure this morning thanks to improving weather forecasts for many top producing areas. The pull back has taken prices back to where we were two-weeks ago. There is some psychologically support near 1350, but the 200-day moving average at 1334 3/4 will likely garner more attention from traders and could be an opportunity for shorts to consider covering and Bulls to consider building a position. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 1390-1400***, 1427 3/4-1435**** Pivot: 1368-1378 Support: 1324-1332 3/4***, 1291-1300**** |
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WheatTechnicals (September) September wheat futures are under pressure this morning, along with the broader grain complex. The market took out the lows from Friday which has opened the door for a test of meaningful support from 675-680. This area has acted as a pivot pocket for the market dating back to the Spring. The pocket also contains the 100-day moving average. Bias: Neutral Previous Session Bias: Neutral Resistance: 744-745***, 770-777 1/2**** Pivot: 693 1/2-698 3/4 Support: 678-680***, 667**, 622-632**** |
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