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Corn
Technicals (December)
December corn futures had an impressive afternoon on Friday with prices making their way back above our pivot pocket from 472-476. This will continue to be a near term inflection area for the market. If the Bulls can achieve consecutive closes above here, potentially that spurs additional buying towards 484-486.
Friday’s Commitment of Traders report showed Managed Money (aka Funds) were net short 144,432 futures and options contracts as of 10/31/23, an increase of out 40k contracts! Broken down, that is 303,826 shorts VS 159,394 longs.
Bias: Neutral
Resistance: 484-486***, 499-502 1/2****
Pivot: 472-476
Support: 460-464 1/2**
Seasonal Tendencies
Below is a look at historical seasonal averages (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.
Soybeans
Technicals (January)
January soybeans broke out above resistance on Friday which swiftly took prices near our next resistance level near 1360. The market has traded out above that in the overnight trade, it’ll be key to watch if this strength can be maintained through the regular trading hours where we get more market participation. Our bias is moving from Bullish/Neutral to outright Neutral as we see this as an opportunity to for longs to reduce exposure and bears to consider expressing that opinion.
Friday’s Commitment of Traders report showed Managed Money holding a net long position of just about 23k futures and options contracts, a relatively neutral position.
Bias: Neutral
Resistance: 1360-1370***, 1383-1390**
Pivot: 1332-1342
Support: 1322 3/4***, 1299 3/4-1303****
Seasonal Tendencies
Below is a look at historical seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday).
*Past performance is not necessarily indicative of futures results.
Wheat
Technicals (December)
December Chicago wheat futures are the weak link in the early morning trade, which shouldn’t be terribly surprising to anyone who’s been following the wheat market recently. The Bulls continue to struggle in their effort to stage a meaningful relief rally. The Bulls first objective today is to defend our pivot pocket on a closing basis from 568 1/2-570.
Friday’s Commitment of Traders report showed Managed Money holding a net short position of nearly 102k future and options contracts, an increase of about 10k from the previous week’s report.
Bias: Neutral
Resistance: 582-585***, 601 3/4-604 1/2***
Pivot: 568 1/2–570
Support: 540-547 1/2***
Seasonal Tendencies
Below is a look at historical seasonal averages VS this year’s price (black line) for December wheat (updated each Monday).
*Past performance is not necessarily indicative of futures results.
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