WASDE report tomorrow morning, we will be sending out a preview this morning at 7:30am CT. Use the link at the bottom of this article to get it in your inbox!
December Corn December corn futures are green this morning, but confirmation of strength through the regular trading hours is what the Bulls need to see. 449 3/4-452 1/2 remains the hurdle to get out above to spark a little more of a relief rally, with some upward targets pointing towards some of last week's breakdown points which are 15+ cents higher. Major 4-star support remains intact from 439-442. Though corn could continue to bleed lower for the rest of the year, there seems to be underpriced upside risks, coming from several potential catalyst (acres, fertilizer concerns, weather, to name a few). We've been working with some clients in the options market to get that limited risk exposure. If you have questions, don't hesitate to reach out. Keep in mind we do have a WASDE report out tomorrow, so buttoning down the straps ahead of time is probably the prudent approach. Technical Levels of Importance (December futures)
November Soybeans November soybean futures are attempting to find their footing this morning, but it's just enough to erase losses from yesterday. Our pivot pocket from 1134 3/4-1140 remains intact, with the 100-day moving average just above that at 1143 1/4. We feel the Bears have the upper hand until we see consecutive closes back above 1147 1/4-1151 1/2. We had been and still are hoping for a little more relief in this market to revisit downside exposure, via futures/options/or a combination. Technical Levels of Importance (November futures)
December Chicago Wheat Wheat futures are higher this morning, but if you're old enough to remember yesterday's trade, you'll want to see confirmation of higher prices last through the open. Yesterday we saw similar strength that was sold into for much of the afternoon. Despite yesterday's unsettling reversal, no new technical damage was done and support remains intact, 605-607 1/4. If the market can clear our pivot pocket with some conviction, 619 1/4-623, the next upside objective would be 630-631 1/2. Above that and there's some more runway to work with. Technical Levels of Importance
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