Corn
Technicals (December) December corn futures attempted to work their way back into the old trading range but the early morning strength fizzled out by midday. All in all, the market remains a stick in the mud with little changing on the technical or fundamental front to give traders a new view that hasn’t already been expressed for the last several months. One thing we find interesting this year VS prior years is the fact that expectations are set so high. It seems in years past the expectations were set so low because of lingering concerns that it was easy to beat expectations and pressure prices. Setting yield estimates near 183 is achievable but a high bar to meet. Also, the USDA has been pretty slow to lower yields in prior years, will they be slow to dramatically increase yields too? We’ll find out more next week with Monday’s USDA report.
- Bias: Neutral/Bullish
- Resistance: 413-416, 423-426, 430-434**
- Pivot: 399-403
- Support: 380-385
Soybeans
Technicals (November) November soybean futures had a strong start to the week but yesterday’s price action more than offset that, which has led to additional pressure in the overnight trade. There have been rumors of China coming back into the market, but that doesn’t seem to be offering much help to prices as thoughts of the growing crop size loom. We’ve outlined first support this week as 1013-1015, a break and close below here and we could see prices test the waters of the single digits.
- Bias: Neutral
- Resistance: 1046-1050, 1061 1/2-1062 3/4*
- Pivot: 1025-1031 3/4
- Support: 1013-1015*, 1000
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