The Calm Before The Storm

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Corn (December)


Fundamentals: This morning’s export sales report showed net sales of 68,200 MT for 2020/2021 were down noticeably from the previous week, but up noticeably from the prior 4-week average. For 2021/2022, net sales of 830,200 MT were reported. We will have estimates out for next week’s USDA report in the coming days.

Technicals: Corn tested and held the 100-day moving average in yesterday’s session but feel like it may follow suit with beans and break below, sometime in the near future. IF that were to happen, we could see the selling snowball, taking us back to the July 26th low, 532 ¼. That is a MUST HOLD level, a break and close below there opens the door for run at the psychologically and technically significant $5.00 level. On the resistance side, 557 ¾-560 ¾ remains intact, the Bulls need to achieve consecutive closes above this pocket to sleep a little easier at night. That would also open the door for a run at the July 6th gap and our resistance pocket, 569 ¼-573 ½...........Click this link to read the FULL report and receive our daily commentary

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Soybeans (November)


Fundamentals: This morning’s export sales report showed net sales of 11,400 MT for 2020/2021 were down noticeably from the previous week and down 33 percent from the prior 4-week average. For 2021/2022, net sales of 424,800 MT were reported. Softer demand continues to be a headwind for prices, coupled with improving forecasts. We will have estimates out for next week’s USDA report in the coming days.


Technicals: In yesterday’s report we talked about previous support now acting as first resistance, that was tested, held, and remains intact for today’s session, 1325 ¾-1333. The Bears have the technical advantage so long as they can defend this pocket. A conviction close or consecutive closes above this pocket would neutralize our bias and could help the market gravitate back to the 1350 area, which is technically and psychologically significant...........Click this link to read the FULL report and receive our daily commentary

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Chicago Wheat (December)


Fundamentals: This morning's export sales report showed net sales of 308,300 metric tons (MT) for 2021/2022 were down 40 percent from the previous week and 28 percent from the prior 4-week average.


Technicals: Wheat futures made a swift move higher on yesterday’s floor open, testing and defending resistance from 749 ¾-751 ¾. The market quickly retraced the move higher, indicating it was largely a run on stops, shaking out weak shorts before trending lower for much of the session. Previous resistance remains first support, which comes in from 723 ½-725...........Click this link to read the FULL report and receive our daily commentary

Bias:

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