Grain markets have been mixed overnight as traders look for new news. Weekly export sales out this morning at 7:30am CT.
Watch us on RFD-TV, today at 12:45pm CT!
Corn
Technicals (December) Corn futures were able to squeeze out another positive session, to extend the streak to a whopping 3 days. That may not sound like a lot (because it’s not), but it is the longest streak since May. The hourly chart continues to suggest the market is attempting to carve out a low. As mentioned in yesterday’s video, previous resistance from 413-416 1/2 will now act as support. There are a few overhead resistance levels in the mid-420’s, but the real inflection point for the market comes between 430-434 which is where we broke down from on June 28th.
Weekly export sales will be out at 7:30am CT. Estimates for old crop sales range from 200,000-700,000 metric tons. For new crop, estimates range from 100,000-600,000 MT.
- Bias: Bullish
- Resistance: 423-426, 430-434**
- Pivot: 413-416 1/2
- Support: 399-403**
Below is an hourly chart of December corn futures
Soybeans
Technicals (November) November soybean futures were knocking on the door of a breakout above trendline resistance and the 20-day moving average, both of which have acted as resistance since May. The failure brought prices back near our pivot pocket which will remain an important area for the Bulls to defend through the rest of the week, that pocket comes in from 1061 1/2-1062 3/4. A failure here and we could see prices retreat back to support from 1046-1050.
Weekly export sales will be out at 7:30am CT. Estimates for old crop sales range from 100,000-400,000 metric tons. For new crop, estimates range from 500,000-600,000 MT.
- Bias: Bullish
- Resistance: 1085 1/2-1087, 1099-1101**
- Pivot: 1061 1/2-1062 3/4
- Support: 1046-1050*, 1025-1031 3/4
Below is a daily chart of November soybean futures
Tune into Yesterday’s Market Update: A Wild Day in the Outside Markets. What Could it Mean for Ag Markets? – Blue Line Futures
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