A Mixed Start to the Week
Grain markets were uniformly higher to start the week but turned lower in the overnight and early morning trade. Here are the levels to watch for today’s trade.
Grain and Cattle Markets Firm to Start the Week.
Grain markets were weaker on Friday but have rebounded to start the first full trading week of the year. Can the strength last?
Corn
Technicals
Corn futures were able to gain some ground back to start the week but failed again at resistance from 459-461. That failure led to some minor pressure overnight where prices fell back near our pivot pocket from 449 3/4-452 1/4. The Bulls have the technical advantage for the time being, but a break and close below here could turn the tide via some light profit taking and technical pressure.
Technical Levels of Importance
Resistance: 459-460***, 470-471 1/2****
Pivot: 449 3/4 – 452 1/4
Support:437 1/2-440***, 425 1/2-428***
Seasonal Tendencies Update
(Updated on 1.7.25)
Below is a look at historical price averages for March corn futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
Commitment of Traders Update
(Updated on 1.7.25)
Managed Money increased their net long position by a whopping 67,859 contracts from December 24th to December 31st, expanding their net long position to 228,806 contracts. This is their biggest net long position since February of 2023.
Soybeans
Technicals
March soybeans looked like they were going to have enough gas in the tank to get out above resistance yesterday, but that optimism fizzled out after the market stalled near the upper end of our resistance pocket. That short term failure led to a bit of a bearish close which spilled into overnight pressure, taking prices back into our pivot pocket from 982-985. A failure here and the selling could reaccelerate with a retest of the contract lows as the next meaningful downside objective.
Technical Levels of Importance
- Resistance:1003-1008 1/4***, 1021 3/4-1028***, 1055-1062 1/2****
- Pivot: 982-985
- Support: 963 1/4**, 940–945 1/4***
Seasonal Tendencies Update
(Updated on 1.7.25)
Below is a look at historical price averages for January soybean futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
Commitment of Traders Update
(Updated on 1.7.25)
Managed Money reduced their net short position by 25,436 contracts from December 24h to December 31st, trimming their net short position to 42,447 contracts.
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