• Oliver Sloup

Grain Market Update

Watch us on RFD-TV, today at 9:45 AM CT! Corn (December) Fundamentals: Corn futures gapped higher to start the week on renewed concerns of weather/forecasts for the problem areas in the Northern Plaines. Weather is all the buzz, but there are a lot of other factors at play for grain markets. The US Dollar is surging higher, marking the highest level in over 3 months, this has some other commodity sectors in a “risk-off” mode this morning, which could be sucking some of the air out of last night's initial rally. Crude oil is down nearly $3.00 as of writing this. Chinese corn futures dropped to their lowest level since December 2020, something to keep an eye on. Crop progress will be out after the close, good/excellent conditions are expected to increase 1-2%.

Technicals: The gap higher last night got us closer to the gap from July 6th but fell short of getting it filled. This gap has so much attention on it that we think it may not get filled, or if it does the market just screams right past it. Our bias remains Neutral/Bearish to start the week, but a conviction close above the gap would neutralize that near-term bias. First support...........Click this link to read the FULL report and receive our daily commentary

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Support: Soybeans (November) Fundamentals: November soybeans are firm to start the week, but 20 cents off the Sunday night highs, which came within the first 3 minutes of trade. That initial strength came on the back of continued concerns for areas in the Northern Plaines, but a rallying US Dollar and a risk-off environment in the broader market has muted last nights optimism. Crop progress will be out this afternoon, analysts are expecting to see good/excellent conditions increase by 1-2%.

Technicals: Soybean futures traded into the pivotal pocket from 1414 ¾-1423 last night, this pocket represents the spike high from July 1st, following the quarterly stocks report. We have had a Neutral/Bullish bias (aka cautiously optimistic) but are...........Click this link to read the FULL report and receive our daily commentary

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Previous Session Bias:

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Support: Chicago Wheat (September) Technicals: September wheat futures are firm in the early morning trade, thanks to a surging spring wheat market. 4-star resistance was tested last night, but has so far held, we have had that defined as 703 ¾-708 ½. A breakout above this pocket would open the door for a potential run at contract highs. With that said, there is a bearish seasonal that starts tomorrow and lasts through...........Click this link to read the FULL report and receive our daily commentary

Bias:

Previous Session Bias:

Resistance:

Pivot:

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