Soybean Futures Softer In Morning Trade

Corn sale of 200,000 metric tons to Mexico
Money flow and technicals remain friendly
Soybean futures made a run at the psychologically significant $9.00 handle
Grain futures market update

Grain futures market update

Corn Futures (December)
 

Fundamentals: Corn futures gained some strength yesterday, in part to a sale of 200,000 metric tons to Mexico. Money flow and technicals remain friendly, outside of that there is little new news to report. Harvest reports will start to pick up over the coming weeks, this will be a key focus and hopefully resolve the debate of is the yield there, or not?

Technicals: Nothing has changed on the chart since yesterday’s report. Consolidation has been the theme over the last week. First resistance remains intact from 377-381, this pocket represents a key retracement and the top of the range after breaking down last month. If the bulls can achieve consecutive closes above here, we could see prices march towards the gap at 392 ¾. On the support side of things, the bulls need to defend 363-366. A break and close below here would neutralize our Bullish bias.

Bias: Bullish

Previous Session Bias: Bullish

Resistance: 377-381**, 392 ¾-394****, 405-407**

Support: 363-366***, 350-352 ¼***, 338 ¾-343**

 

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Soybeans Futures (November)

Fundamentals: Soybean futures made a run at the psychologically significant $9.00 handle but ran out of steam with little new news to bring in new buyers. The market is softer in the early morning trade, just because.

Technicals: The market stalled out against 9.00 yet again, bring prices back to the 100-day moving average this morning. If the bulls can’t find their footing on the floor open, we could see prices retest the recent lows and 50-day moving average, from 880 ¾-881 ¼.

Bias: Bullish

Previous Session Bias: Bullish

Resistance: 900**, 914 ¾-915 ½****, 924**, 936 ½**

Pivot: 891 ¾

Support: 879 ½-882 ¾***, 869-871**, 850-852 ½****

 

Wheat Futures (December)

Fundamentals: Chicago wheat futures traded lower for their fourth consecutive session, the longest streak in a month. The lack of new news likely sparked some long liquidation, but the technicals still remain relatively friendly.

Technicals: Not much has changed from yesterday’s report. The market continued lower on a light wave of profit-taking, a sign of a healthy market. The bulls want to defend the 480 level today, a failure to do so could spark another wave lower.

Bias: Neutral/Bullish

Previous Session Bias: Neutral/Bullish

Resistance: 493-500****, 525 ¾-531 ½****

Pivot: 480

Support: 469 ½-470**, 442-446**, 427 ¼****

 

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