Soybeans
Technicals (May)
May soybean futures had a strong close on Friday, finishing back at resistance from 1170-1175. An impressive showing considering prices traded down to 1151 in Thursday’s trade. The Bulls want to see consecutive closes back above 1170-1175 to put the ball back in their court. A failure to do so could keep sellers active. If the Bulls can...
Wheat
Technicals (May)
May wheat futures are under some minor pressure to start the week and are flirting with our pivot pocket from 550-555. If the Bulls fail to defend this pocket on a closing basis, we could see additional pressure come into the market with the next downside target coming in from 537-540.
Bias: Neutral/Bullish
Resistance: 573 1/2-575, 595...
The November soybean contract tested 1300 per bushel on Tuesday, trading all the way up to 1303 ½, before ultimately settling at 1296 ¾. The question is now - where do we go from here?
Psychologically Significant Resistance
Failing to close above 1300 means we failed to close above a psychologically significant resistance level at 1300. Moreover, we’ve...
WEAT the Wheat EFT has been volatile of late due to the Bakc Sea shipping deal
falling apart when Russia refused to renew it. Brazil has been trying to increase
whet exports to pick up from the fall off of Ukrainian shipments to Africa and others.
On the 4H chart, WEAT has fallen 15% from the double tops of July demonstrating
the high volatility in what is...
CORN on the daily chart since late June has fallen to the present level with a
flat or slowly falling support line. I see this as a falling wedge or a flat bottom triangle
slowly setting up a breakout whose upside could be 30% or more. Price had a nice
green engulfing bar to finish a down week in the general markets. CORN does not
follow the general market....
CORN, the ETF tracking spot corn and corn futures has ended its down trend on
the 15 minute chart. The pivot is not a surprise given the issues related to wheat
in the Black Sea shipping with the Ukraine war escalating onto the sea and the
grain export deal falling apart. The Price Momentum Oscillator which might be
considered a leading indicator is showing...
This setup can lead to a larger failure of a weekly decline signal, which could cause a major move in $ZW_F. I'm long May futures here, paying close attention to how it develops, if the signal isn't stopped the trade could be held for longer until the chart evolves into a higher timeframe trend potentially, that would be the ideal scenario here.
Best of...
As described here - I'm planning to catch the breakout. Let's see if this plays out as I think. In any case - I wish you a good 2023 with lots of good trades. ;)
Wheat surged $60 last night as Russia annouced votes in the local donbas regions they control in Ukraine. Critical to the wheat exports the port in that area also means perhaps sanctions and increased fighting may hurt global supply already under pressure.
Adding to momentum is global headline news about beer shortages which adds to the grain rally.
As long as...
This is my plan for corn. It is being orientated mainly on seasonality. That means:
I expect the price to drop a bit further or to go sideways during this summer.
According to seasonality, the low should occur around September.
Then the corn price should rise again according to typical seasonal patterns.
IF the FED keeps increasing the interest rates, the...
