Grain Futures Prices Are Mixed to Start a new Month
Posted: Aug. 1, 2023, 7:38 a.m.
CornTechnicals (December) Corn futures continued to trade lower yesterday, marking the fifth consecutive day of losses, pulling back as much as 64 cents during that time. Despite the pressure in the end of the month, December futures managed to squeak out an 18 1/4 cent gain for the month. Yesterday's weekly crop progress report showed good/excellent conditions at 55%, a 2% drop from the previous week. 84% of the crop is silking. Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish Resistance: 540 1/2-545***, 554-556*** Pivot: 518-525 3/4 Support: 509-511**, 497-502**** |
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Soybeans |
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Technicals (November) November soybeans got hit hard yesterday, putting prices in negative territory for the month (down 11 1/2 cents). In yesterday's report we talked about psychological support coming in near 1350, but the more significant pocket didn't come in until 1324-1332 3/4. We stated that a test of this pocket "could be an opportunity for shorts to consider covering and Bulls to consider building a position.". The market traded a hair below support but has managed to stabilize near the mentioned support pocket, an opportunity for Bulls and Bears to be proactive. A break and close below that pocket could reinvigorate the selling, so manage risk accordingly. 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 broke through the 100 and 50 day moving average yesterday which keeps the door open for additional pressure. If the Bulls fail to find their footing through the morning, the next support pocket to keep an eye on comes in from 622-632. A close back above the 100-day moving average is the first hurdle for the Bulls, 677. Bias: Neutral Previous Session Bias: Neutral Resistance: 693 1/2-698 3/4***, 744-745*** Pivot: 677-680 Support: 622-632**** |
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