Grains Gain Ground
Posted: Aug. 10, 2023, 7:25 a.m.
CornTechnicals (December) December corn futures are continuing their quest to carve out a near term low as the market has traded mostly sideways for the last 5 (working on 6) sessions. If the Bulls need to not only continue defending the July lows, but they need to see a close out above 502-506 1/2. If they can achieve this it could spark a run back into our 4-star resistance pocket, 518-525 3/4. Right now, we'd view that as an opportunity to look back to the short side. That thesis could change depending on what tomorrow's USDA report says. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 518-525 3/4****, 540 1/2-545*** Pivot: 502-506 1/2 Support: 480-482*** |
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Soybeans |
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Technicals (November) November soybeans were able to rally and retrace the breakdown point from Monday morning's trade but couldn't find much more than that. The market is lingering near yesterday's highs with a retest of our 3-star resistance pocket within arm's reach, that comes in from 1324-1334. If you've been long the market, this would be a spot to consider reducing. Hedgers or Bearish traders may look to be proactive here as well. Whether or not we fail, or breakout here will likely be dependent on near term fundamental catalysts such as weather forecasts and tomorrow's USDA report. Bias: Bullish/Neutral Previous Session Bias: Bullish/Neutral Resistance: 1324-1334***, 1350-1355** Pivot: 1291-1300 Support: 1282**, 1256-1260*** |
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WheatTechnicals (September) September Chicago wheat futures got hit hard yesterday, pulling back to our support pocket, 622-632. So far, that pocket has held. This continues to be a MUST HOLD pocket for the Bulls. A break and close below here could open the door for a drop back below the psychologically significant $6.00 handle. 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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