Grains attempt to find their footing in the early morning trade, will it hold through the open?
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Corn
Technicals (December) Corn futures fell flat yesterday but are attempting to find their footing in the early morning trade with prices rallying up near our pivot pocket from 412-412 3/4. Below is a 4-hour chart of December corn. As you can see, this pocket has been a bit of an inflection point since the quarterly report. If the Bulls can chew through and close above this pocket, it could spark some short covering and gravitate prices up towards our next resistance pocket near 420. As mentioned in our afternoon wrap-up video yesterday, we have not really seen peak panic or capitulation yet, but overall sentiment is mirroring what it was at the February lows, where we were able to carve out a short-term low. We remain cautiously optimistic that we can see a bounce from these levels but recognize it is a counter trend trade, so risk management via stops or options may be something to consider if you have a similar bias.
Weekly Export Sales: Net sales of 538,300 MT for 2023/2024 were up 51 percent from the previous week, but down 13 percent from the prior 4-week average. Net sales of 116,500 MT for 2024/2025.
- Bias: Neutral/Bullish
- Resistance: 420-422, 430-434**
- Pivot: 412-412 3/4
- Support: 398-400**
Soybeans
Technicals (November) November soybeans are higher in the early morning trade, but at this point traders may be taking the overnight action with an extra-large grain of salt. We did see a flash sale yesterday morning for new crop beans to China, the first of the year. Although a small amount and still well behind average pace, it is a silver lining and potential indication that low prices are curing low prices. From the technical perspective, the Bulls have their work cut out for them. The Bulls need to see prices get back out above our pivot pocket from 1085-1087 to spark additional short covering towards the technically and psychologically significant $11 handle. Below is a look at the 4-hour chart of November soybeans.
Weekly Export Sales: Net sales of 208,000 MT for 2023/2024 were down 9 percent from the previous week and 40 percent from the prior 4-week average. Net sales of 191,300 MT for 2024/2025
- Bias: Neutral/Bullish
- Resistance: 1097-1102, 1111 1/2-1115, 1138 1/2-1141**
- Pivot: 1085-1087
- Support: 1070-1071**
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