Grains Slide Lower on Weather and a Strong US Dollar
Posted: Aug. 8, 2023, 7:14 a.m.
CornTechnicals (December) December corn futures traded to their lowest price since July 13th. Despite trading lower for 9 of the last 10 trading sessions, the RSI is only at 39.23, above what is typically referred to as "oversold". If the Bulls cannot reclaim ground above our pivot pocket from 497-502, a retest of the July lows is still in the cards. With that said, as mentioned in our interview with RFD-TV, we think that those lows will hold on the *first test. Keep in mind that we do have a USDA report out on Friday which could flip this bias on its head in jiffy. With new crop weekly options expiring on the day of this report, market participants may look to utilize these options as a cost-effective way to help manage price risk or express an opinion in the market. 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 have officially made a full retracement from the June 30th acreage report. Also coming into play here is the first trade below the 100-day moving average since the day of that report. This price area also represents the 50% retracement (middle of the range) from the May low to the July high. In yesterday's report we moved to our bias to outright Neutral. Bias: Neutral Previous Session Bias: Neutral Resistance: 1324-1334***, 1350-1355** Pivot: 1291-1300 Support: 1282**, 1256-1260*** |
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WheatTechnicals (September) September Chicago wheat futures were able to buck the weakness in the corn and soybean markets yesterday, thanks to continued concerns in the Black Sea. The market is giving some of those gains back in the early morning trade but is holding better than we've seen recently. The 50 and 100 day moving averages are acting as short-term upside targets, that comes in from 669-673. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 693 1/2-698 3/4***, 744-745*** Pivot: 669-673 Support: 622-632**** |
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