December Corn December corn futures have been very technically sound as of late, creating a bit of a traders paradise for those looking to take advantage of shorter term movements on both sides of the market. In yesterday's report we noted: "Here prices are early Tuesday, back to first support from 456 3/4-459 1/2. If you were able to sell against resistance (466-469), this isn't a bad spot to consider reducing shorts or adding back on some length (depending on your bias).". Now here we are on Wednesday, with prices back at resistance from 466-469. We'd like to think with wheat trading the way it is, that it could offer enough of a tailwind to corn to chew through this resistance pocket and open the door to 475 3/4. That would mark another higher high on the back of a higher low. If you're looking to get involved on shorter term swing trades, don't hesitate to reach out to our trade desk: 312-278-0500. Technical Levels of Importance (December futures)
November Soybeans November soybeans came within about a penny of support yesterday, and clawed back to finish off the lows. A constructive afternoon trade has led to follow through momentum in the overnight and early morning session, with prices back in our pivot pocket from 1197 1/4-1199. Above that and we are again looking at 1207 1/2 and 1214. It really does feel like this market wants to go on an adventure above those levels. With that said, another failure up near $12 and a close back below yesterday's low and support from 1184-1185 1/2 would start to flip the script.  If you're looking to get involved on shorter term swing trades, don't hesitate to reach out to our trade desk: 312-278-0500. Technical Levels of Importance (November futures)
December Chicago WheatIn yesterday's report we referenced wheat at significant support, noting: "Wheat futures are back in our 4-star support pocket, which we view as kind of a "must hold" pocket from 642-646 1/2. From a risk/reward perspective, it's not a bad spot to look for a bounce.". What a bounce. Prices held and are now trading nearly 40 cents off of yesterday's lows and back to the breakdown point from May 27th, near 680. If you had bought support or any where near it yesterday, this is a spot to capitalize on at least a portion of it. It feels like the market wants to keep going, but monetizing a move like that in that short amount of time is a no brainer, so don't let it go.  If you're looking to get involved on shorter term swing trades, don't hesitate to reach out to our trade desk: 312-278-0500. Technical Levels of Importance
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