Grain Express 11/22/22
Posted: Nov. 22, 2022, 8:13 a.m.
Corn
December corn futures are attempting to stabilize in the early morning trade. If the Bulls can achieve some follow-through on the 8:30 open, we could see the market rally back into the mid 670s. December options expiration is Friday, which could put a floor in the market at 650 and a lid at 680.
Seasonal Trend in Play: March corn futures have trended higher from November 16th to January 4th for 13 of the last 15 years.
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Soybeans
January soybeans were able to defend the 50 and 100 day moving averages yesterday which helped propel prices back above our first resistance point. The more significant resistance pocket comes in from 1464 3/4-1469. A breakout above this pocket could spur a bigger rally, with little in the way of resistance until you get near the $15.00 mark.
Seasonal Trend in Play: March soybeans have trended higher from November 16th to January 9th for 14 of the last 15 years.
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Wheat
Chicago wheat futures were able to defend the August 26th low yesterday, but the Bulls are not out of the woods yet. The Bulls need to see consecutive closes back above 833-839 to neutralize the last week of bearish price action.
Seasonal Trend in Play: None
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