Corn futures marked their fourth consecutive day of losses, the longest losing streak since the 8-day streak that started in late July. These are the levels we are keeping a close eye on as we look towards the end of the week.
Corn
Technicals (December)
Over the last several months the market has presented plenty of opportunities for traders on both sides of the market but over the last few sessions it has been the Bears in the driver’s seat. Yesterday’s lower close marked the fourth consecutive day of losses, the longest losing streak since the 8-day losing streak that started at the end of July. Our support pocket comes in from 472-476, a break and close below here could accelerate the selling pressure with little meaningful support until 460-464 1/2. On the resistance side, the Bulls want to get back out above 489-491.
Bias: Bearish/Neutral
Resistance: 499-502 1/2****, 511 1/4**
Pivot: 489-491
Support: 472-476***, 460-464 1/2**
Seasonal Tendencies
Below is a look at historical seasonal averages (updated each Monday) VS today’s prices (black line).
*Past performance is not necessarily indicative of futures results.Â
Soybeans
Technicals (November)
November soybean futures tested and held 4-star support again in yesterday’s trade, keeping it intact for today’s trade. We continue to like the upside potential here with 1299 3/4-1303 being the upside objective into options expiration. With that said, outside markets have been under significant pressure recently which could spill into some commodity markets. A break and close below support opens the door for a retest of our next support pocket, 1247-1257.
Bias: Neutral
Resistance: 1317-1324****, 1333 3/4**
Pivot: 1299 3/4-1303
Support: 1280-1285****, 1247-1257***, 1195-1200**
Seasonal Tendencies
Below is a look at historical seasonal averages VS this year’s price (black line) for November soybeans (updated each Monday).
*Past performance is not necessarily indicative of futures results.
Wheat
Technicals (December)
Chicago wheat futures are fluttering around support from 568 1/2-570. The Bulls really want to see this pocket defended in today’s trade. Below that the next support pocket is 540-541 1/2. On the upside, the Bulls need to see a close back above 588-592.
Bias: Neutral/Bullish
Resistance: 601 3/4-604 1/2***, 612-616****
Pivot: 588-592
Support: 568 1/2-570***, 540-541 1/2**
Seasonal Tendencies
Below is a look at historical seasonal averages VS this year’s price (black line) for December wheat (updated each Monday).
*Past performance is not necessarily indicative of futures results.
