Grain Express 11/11/22
Posted: Nov. 11, 2022, 8:38 a.m.
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December corn futures broke below support which has opened the door for additional technical selling via long liquidation. The market pulled back near the 100-day moving average and psycologically significant 650 level. There is a bullish seasonal trend that starts next week, so if the bulls can defend this area, we may see some relief come into the market. A failure here could trigger another round of long liquidation.
Coming Soon: Seasonal Trend Alert for March Corn that starts on November 16th. Contact us for more information.
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Soybeans
January soybean futures bulled back sharply yesterday, after failing against technical resistance for about a week and a half. That resistance pocket remains intact. The market pulled back to our pivot pocket, defined in previous reports as 1418 1/2-1424. With bullish seasonal around the corner, we started looking at exposure via call spreads with clients. If you'd like to learn more about the specific strategy, please contact our trade desk.
Coming Soon: Seasonal Trend Alert for March Soybeans that starts on November 16th. Contact us for more information.
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Wheat
On Wednesday we noted: "If the Bulls fail to defend support (833-839) through today's session, it's possible we see a print back below $8.00 in a relatively short amount of time.". We got that print below $8.00 in yesterday's session, giving those trading the seasonal trend (see below) a little cushion.
Seasonal Trend in Play: Bearish March Chicago Wheat from November 4th to November 19th. This has played out for 13 of the last 15 years.
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