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CornNews
Technicals (December)The corn market was little changed yesterday as it once again bumped its head against resistance from 489-491. The Bulls want to see a close above this pocket to spur a round of short covering that could take prices back near the psychologically significant $5.00 level. A failure to get out above resistance likely keeps the market in a nearly 2-month trading range. We continue to believe there are great shorter-term opportunities on both sides of the market but feel the market may be attempting to mark higher lows and higher highs. A close above resistance would confirm that. Bias: Neutral Resistance: 489-491***, 502-506 1/2*** Pivot: 472-476 Support: 460-464 1/2** |
Seasonal TendenciesBelow is a look at historical seasonality’s (updated each Monday) VS today’s prices (black line). |
Soybeans |
News
Technicals (November)November soybeans traded into our proprietary 3-star support pocket yesterday which we have had defined as 1247-1257. In yesterday’s report we wrote: “We believe that will act as pretty strong support on the first test.”. That pocket did indeed act as strong support and has propelled the market back to our pivot pocket from 1280-1285. If the market can get over this hurdle we could see the market work back to the technically and psychologically significant $13.00 level. We have moved our short-term bias from outright Neutral into Bullish territory. Bias: Bullish/Neutral Resistance: 1300-1304***, 1322-1328**** Pivot: 1280-1285 Support: 1247-1257*** |
Seasonal TendenciesBelow is a look at seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday). |
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WheatNews
Technicals (December)December Chicago wheat futures attempted to find some follow-through buying in yesterday’s trade but it was rather lackluster. That muted momentum has so far led to some overnight and early morning pressure. Bias: Neutral/Bullish Resistance: 585-587**, 595-599 1/2***, 612-616**** Pivot: 570 Support: 540-541 1/2** |
Seasonal TendenciesBelow is a look at seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday). |
