A Mixed Morning for Grain Markets
Posted: Aug. 7, 2023, 7:17 a.m.
CornTechnicals (December) December corn futures are relatively quiet to start the week, trading on both sides of unchanged while remaining within Friday's range. There has been a lot of bearish news thrown at the market over the last several weeks from good weather and poor demand, to 177bpa and 178bpa yield estimates from two widely followed companies (StoneX and Barchart). With a lot of the bearish news out in the open we feel that there may be a good chance that the July lows can continue to hold (for now). The Bulls want to see consecutive closes back above our pivot pocket, 497-502 to encourage a countertrend relief rally. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 518-525 3/4****, 540 1/2-545*** Pivot: 497-502 Support: 480-482*** |
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Soybeans |
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Technicals (November) November soybean futures were tethered to the 200-day moving average for nearly all of last week's trade. Favorable weather over the weekend has pressured prices overnight which has opened the door for a test of the 50-day moving average at 1305. Just below that is our 4-star support pocket from 1290-1300, representing previously important price points along with the June 30th breakout point. A failure here could trigger additional long liquidation with little significant support until you get closer to 1256-1260. Looking at Friday's CoT report, managed money are long 90,316 contracts, roughly 21k less than the previous week. Bias: Neutral Previous Session Bias: Neutral/Bullish Resistance: 1350-1355**, 1368-1378***, 1390-1400*** Pivot: 1324-1334 Support: 1291-1300****, 1256-1260*** |
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WheatTechnicals (September) Wheat futures gaped higher on the Sunday night open as additional war premium may have triggered some short covering. Like the recent pops, the follow-through into the early morning trade has been nonexistent. Our 4-stary support pocket from 622-632 was tested and held last week. So long as that continues to be defended our bias remains friendly. With that said, the Bulls need to get back out above 677-680 to spark a bigger move. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 693 1/2-698 3/4***, 744-745*** Pivot: 677-680 Support: 622-632**** |
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