• Oliver Sloup

Grain Marketing Update

Corn (December)

Fundamentals: Weekly export inspections yesterday morning came in at 903,000 metric tons, within the range of expectations. Crop Progress showed the US corn crop ratings at 69% good/excellent, 2% lower than last week, and 1% lower than the average estimate. Fears of hot and dry weather last week have fallen short of what the Bull camp needed to keep the rally intact, which triggered technical selling and long liquidation to start the week.

Technicals: Corn futures gapped lower Sunday night, marking the lows for “yesterday’s session” in the first 5 minutes of trade. The fact that the market did not see a continuation lower could mean the market has exhausted itself to the downside, at least in the near term. First support remains intact, 330 ¼-332 ¼.


Contact us for our bias and technical levels! 

Bias: Previous Session Bias:

Resistance: Pivot: Support: Soybeans (November)

Fundamentals: Weekly export inspections yesterday morning came in at 483,000 metric tons, within the range of expectations. Crop Progress showed the US soybean crop ratings at 68% good/excellent. at 69% good/excellent, 2% lower than last week, and 1% lower than the average estimate. Fears of hot and dry weather last week have fallen short of what the Bull camp needed to keep the rally intact, which triggered technical selling and long liquidation to start the week.

Technicals: The market broke down yesterday, slicing through our significant support near 880, which we were thinking would be defended better. The inability to defend that area led to additional pressure towards the 100-day moving average. 866 ¼-870 ¼ represents a key retracement, the 50-day moving average, and the 100-day moving average. Previous support is now our pivot pocket, 877 ½-882 ¼. The Bulls need to see consecutive closes above this pocket to neutralize the recent damage on the chart.

Contact us for our bias and technical levels! 


Bias:

Previous Session Bias:


Resistance:

Pivot:

Support: Chicago Wheat (September)

Fundamentals: Weekly export inspections came in at 624,000 metric tons, above the top end of expectations. Weekly crop progress showed winter wheat harvest is 68% complete, 2% slower than expected but still ahead of last year’s pace. Spring wheat conditions came in at 68% good/excellent, 2% below expectations.

Technicals: Chicago wheat futures have been able to weather the selling storm over the last few sessions as prices continue to hold ground near the top end of the range. The recent trading range is between the 100 and 200-day moving average, 523 and 535, respectively. A breakout or breakdown below these indicators could lead to a bigger move.

Contact us for our bias and technical levels! 

Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:



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