• Oliver Sloup

Grain Express

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Corn (December)


Fundamentals: December corn futures finished near unchanged on Friday but were down 20 ¾ cents for the week. Friday’s Commitment of Traders report showed funds add 57,400 contracts through October 27th, expanding their net long to 276,235 contracts. It is estimated that funds liquidated roughly 56,500 contracts from Wednesday to Friday. Oil was down sharply overnight with more global lockdowns, which is adding a headwind to the corn market.


Technicals: Escalator up, elevator down. Price action from Thursday and Friday erased gains from the previous two weeks(ish). As mentioned, multiple times last week; “A failure to reclaim ground above $4.00 could keep the pressure on, the next significant support pocket does not come in until 385-386 ¾. This pocket represents a key retracement and previously important price points going back to December, February, March, and early October.”.


Bias: Bearish

Previous Session Bias: Bearish


Resistance: 409-411 ¼***, 423-425***

Pivot: 400-405

Support: 385-386 ¾***, 373**

Soybeans (January)


Fundamentals: January soybeans stabilized on Friday but were still down 24 ¾ cents for the week. Friday’s Commitment of Traders report showed funds added 825 contracts through October 27th, putting them net long 232,717 contracts. It is estimated that funds sold roughly 23,500 contracts from Wednesday to Friday.


Technicals: The market is treading water near our 4-star support, again. We have defined that as 1046 ¾-1050. Because we tested this pocket twice last week, it has lost some of its strength, so we are dropping it down to a two-star level to start this week’s trade. If the Bull camp fails to defend this pocket on a closing basis, we could see selling accelerate down to 1020-1028 ¼.


Bias: Bearish/Neutral

Previous Session Bias: Bearish/Neutral


Resistance: 1085 ¼-1087 ¾**, 1100***

Pivot: 1063-1064 ¾

Support: 1046 ¾-1050**, 1020-1028 ¼****

Chicago Wheat (December)


Fundamentals: Chicago wheat futures got taken to the woodshed last week, finishing 34 ¼ cents lower. Friday’s Commitment of Traders report showed funds were net sellers of 832 contracts, through October 27th, narrowly shrinking their net long position to 48,896. Funds were estimated sellers of 14,000 contracts from Wednesday-Friday.


Technicals: Chicago wheat futures are trading below support, 599-603 ½. If the Bull camp fails to defend this pocket on a closing basis, we would look for continued liquidation and selling to take us down near 587 and then 577 ½.


Bias: Bearish/Neutral

Previous Session Bias: Bearish/Neutral


Resistance: 615-620**, 636 ¾-640**

Pivot: 599-603 ½

Support: 578 ¼-584 ¼***


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