Grain markets have been choppy to start the week which has presented some good shorter term trading opportunities for market participants on both sides of the market
CornTechnicals (December)
December corn futures pulled back to our support pocket in yesterday’s trade, which we outlined in yesterday’s report as 401-403 3/4. This is what we would view as a “must hold” pocket for the Bulls. A break and close below there could start to neutralize some of the work that has been done over the last two weeks. On the resistance side of things, 413 1/2-416 is the first big hurdle. A move out above there and see could see another wave of short covering propel prices into the mid-420s.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 413 1/2-416, 421 3/4-423 3/4*
Pivot: 409
Support: 401-403 3/4, 380-385
Crop Progress Update The weekly Crop Progress report from the USDA showed good/excellent conditions for the U.S. corn crop declined by 1% to 64%. This was in line with expectations. 29% of the crop is mature and 5% is harvested.
Soybeans Technicals (November)
November soybeans were able to start the week on a high note, erasing majority of the losses from Friday’s trade. However, that has so far failed to materialize into overnight strength as prices have now given back most of yesterday’s gains. Expect the choppiness to continue as it appears the market may be setting up for more of a range bound trade, this could provide a lot of shorter-term opportunities for traders on both sides of the market.
Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 1023-1024 1/2, 1031 3/4-1035
Pivot: 1013-1018
Support: 1000-1006 1/2, 984 3/4-991, 950-955 1/4*
Crop Progress Update
This afternoon’s weekly Crop Progress report showed good/excellent conditions for the U.S. soybean crop at 65%, unchanged from last week. Expectations were for a decline of 2%.
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