Grain futures are quiet in the early morning trade as market participants await new news to give the markets new direction.
Corn
Technicals (December)
Corn futures continue to be a stick in the mud near 480. The day-to-day ranges have narrowed which may be indicative of a market that’s building up energy for a bigger directional move. Support and resistance levels from yesterday’s report remain intact for today’s trade.
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 traded within our pivot pocket and 4-star resistance nearly perfectly yesterday, ultimately finishing the day near where it started. The market looks to be attempting to carve out a higher low, but the but Bulls need to see higher highs to confirm a new trend reversal. Significant resistance comes in from 1324-1336 which represents a cluster of major moving averages along with previously important price points. A close above this level could spur the technical momentum in the Bulls favor. A break and close below our pivot pocket from 1299 3/4-1303 could spur the technical momentum in the other direction with the next support level coming in near 1270.
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.Â
Wheat
Technicals (December)
Wheat futures got hit hard in yesterday’s session, some of which may have been on the back of end of month positioning. Futures are rebounding in the early morning trade, but as Bulls have learned over the last several months, these small relief rallies are nothing to get excited about. The Bulls want to see a close back above our pivot pocket from 568 1/2-570 to spur a retest of the 50-day moving average at 585.
Bias: Neutral
Resistance: 585-592***, 601 3/4-604 1/2***
Pivot: 568 1/2–570
Support:Â 540-547 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.
