WASDE Day!

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Corn (December)

Fundamentals: Today is the day that many of us have been waiting for, WASDE day! A brief history lesson: Last year’s bearish report helped cement the lows for the year. What is the lesson? How the market responds to the data can be just as important and sometimes more important than the actual data. You can find the estimates at the bottom of this email. This morning’s export sales report showed net sales of 377,600 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. For 2021/2022, net sales of 601,800 MT were reported.

Technicals: Corn futures were able to trade to the top end of the recent range, today’s USDA report could be the catalyst to give us the technical breakout that the Bulls have been cheering for. The next resistance pocket comes in from 569 ¼-573 ½. This pocket represents the July 6th gap, resistance from July 21st, along with other previously important price points. On the support side of things, the 100-day moving average is the line in the sand, that comes in at 546. A break and close below here could spur a wave of technical selling, opening the door for a move back towards the technically and psychologically significant $5.00 handle.

Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish

Resistance: 557 ¾-560 ¾***, 569 ¼-573 ½****, 588 ½-591 ¼*** Pivot: 546-550 Support: 540 ¾-541 ¼****, 532 ¼**, 507-514 ¼****, 497 ¼-500 ¼** Soybeans (November)

Fundamentals: This morning’s weekly export sales report showed net sales of 377,600 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. For 2021/2022, net sales of 601,800 MT were reported. You can find the estimates for today's WASDE report at the bottom of this email.

Technicals: The market ran up above the recent highs yesterday, likely squeezing weak shorts out of the market, before retreating prices back to the 100day moving average, which the market has been glued to for the better part of the last two weeks.

Bias: Neutral/Bearish Previous Session Bias: Neutral/Bearish

Resistance: 1379 ½-1387 ½**** Pivot: 1348-1352 ¼ Support: 1325 ¾-1333***, 1300 ½-1306 ¾***, 1259 ¾-1267** Chicago Wheat (December)

Fundamentals: This morning's weekly export sales report showed Net sales of 293,100 metric tons (MT) for 2021/2022 were down 5 percent from the previous week and 32 percent from the prior 4-week average. You can find the estimates for today's WASDE report at the bottom of this email.

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