We send out morning and afternoon reports each trading day!  Get it delivered to your inbox using the link at the bottom of this page! December Corn It's been an exciting week in the grain markets, with corn futures posting higher lows and higher highs, for the move. Support held from 456 3/4-459 1/2, with a low of 458 3/4. The market was able to use that as a springboard and trade right back to 466-469, which is a pocket we've been covering extensively several weeks.  Each time you test a level, the weaker it becomes. Think of a wrecking ball against a tall building, the first hit doesn't usually get you the result, but the more times you hit it the weaker the structure becomes. Additional resistance was been outlined just above, with the 618 retracement and 100 day moving average are the next upside targets, 473-475 3/4. We don't mind looking at the sell side from this pocket for a short term trade on the first test (not looking for a top), whether that be long liquidation or outright short for a hedge or spec. The risk is well defined. Above that and there's a little longer runway on the chart. Wheat did the heavy lifting yesterday, and will be watched closely today. That could be a blessing and a curse. Technical Levels of Importance (December futures)
November Soybeans November soybeans got hit hard on the 8:30 open but clawed back, they got hit again midday, but clawed back. As mentioned in our AgDday interview yesterday, it just feels like a market that doesn't want to go lower.  1207 1/4-12071/4 are the highs from last week and May 19th, above that and we are looking at the May 13th high, 1214. Above that and things get interesting with the next upside targets coming in from 1235-1238 3/4.. Important to note, Funds are long about 70k contracts, that's in the 51st percentile as far as where that stands from record longs to record shorts. Technical Levels of Importance (November futures)
December Chicago WheatWheat futures continued to launch higher yesterday, Settling right near our second resistance pocket, 692 1/4-692 3/4. The market moved out above there and the psychologically significant $7 handle overnight which took pries to 712 1/4, within arms reach of the May 14th high, 718. The RSI is at 72.36, the highest reading in over a year. That's not a sign to short it, but may be a caution flag for those considering lunging after the momentum. We expect to see some wide intraday ranges, so manage your risk accordingly. Funds have been short wheat for about 99% of the time during the last 4 years. Perhaps recent headlines and disruptions in the Black Sea might bring them to the realization that they may be overstaying their welcome. Note that those headlines have been bubbling up over the last several weeks, it appears they've finally taken note. Technical Levels of Importance
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