Grain futures prices are mixed in the early morning trade as market participants grapple with normal fundamental catalysts coupled with concerns over geopolitical risks.
Corn
Technicals (December)
December corn futures got hit hard in last week’s trade, but that weakness has yet to follow through in this week’s trade. First support remains intact from 472-476. A break and close below this pocket could reaccelerate the selling pressure. On the resistance side of things, the Bulls want to see consecutive closes back above our pivot pocket from 489-491 to neutralize some of last week’s chart damage.
Bias: Bearish/Neutral
Resistance: 499-502 1/2****, 511 1/4**
Pivot: 489-491
Support:Â 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.
Soybeans
Technicals (January)
January soybean futures are testing the cluster of major moving averages which includes the 50, 100, and 200 day, all of which come in from 1324-1336. This pocket also happens to include previously important price points which includes this month’s high. If the Bulls can chew through this pocket we could see it add a technical tailwind to futures prices with the next upside objective being near 1360. On the flipside, a failure at these levels could pressure prices back the technically and psychologically significant $13.00 level.
Bias: Neutral
Resistance: 1324-1336****, 1360**
Pivot: 1299 3/4-1303
Support: 1270****, 1247-1257**
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)
December Chicago wheat futures are under pressure to start the week and are flirting with last week’s low 563 1/4. A break and close below there could keep the pressure on with little meaningful support until you get back to the contract lows from the end of September. On the resistance side, the Bulls need to get back out above 588-592 to rejuvenate the technical landscape.
Bias: Neutral
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.Â
