Grain Express 11/30/22

Posted: Nov. 30, 2022, 7:46 a.m.

Corn (March)

Corn futures are back to being a stick in the mud, trading in a narrow range, just a few cents on either side of 670.  The Bulls want to chew through resistance from 672 3/4-674 to encourage a bigger move to the upside.  The next resistance level comes in closer to 682.

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 (March)

Soybean futures are making new highs for the move and have eclipsed the November 7th highs, putting prices at their highest level since September 22nd.  If the Bulls can retrain this strength through the regular trading hours, we could see the market make a push at our next resistance pocket, which comes in closer to $15.00.  The RSI is at 61, so not yet in what would be considered "overbought". From a sentiment point of view, there is a near term caution flag; the same crowd that was bearish on Sunday night is now turning Bullish (roughly 50 cents off those lows).

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 (March)

Chicago wheat futures are attempting to carve out a near term low, after marking the lowest price in several months yesterday, which brought the RSI to its lowest level since the summer months.  We have had a bearish tilt in our bias for a while now but see value in the risk/reward setup to the buyside.  We are currently looking at the February $8.00/$8.60 call spread as a potential value play that offers upside potential with limited risk.  Feel free to contact our trade desk to discuss in more detail. 

Seasonal Trend in Play: None

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Grains Soybeans Corn Wheat

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