We've shifted our focus to the July futures contracts as the volume starts to increase there and decrease in May futures. May options expiration is this Friday, which means first notice day is next week. If you're in May futures, you may consider exiting or rolling those positions.
Corn
Technicals (July)
July corn futures have traded on both sides of...
Soybeans
Technicals (May)
May soybean futures broke lower but found support at our 4-star support pocket which we've outlined in recent reports as 1128 1/2-1133 1/2. The Bulls need to see this pocket defended, a failure to do so could accelerate the selling pressure. Below this support pocket and prices are back in uncharted territory, the next support level...
Corn
Technicals (May)
May corn futures tested the low end of the range in yesterday's trade and have so far been able to defend it, with prices working back higher in the overnight and early morning trade. We still like the risk reward trade to the buy side from the low end of the range. A break and close support would neutralize that bias as it could put the...
still in downtrend mode find short or swing short. Break every support just find nearest resistance to find EP and if break structure hold for swing 1: 5 risk management
Soybeans
Technicals (May)
May soybean futures attempted to hold ground yesterday, but it lacked conviction. Prices are giving back those gains in today’s trade. 1155-1160 is the first resistance pocket the Bulls need to overcome to help spark a bigger relief rally. A failure to do so keeps the potential for new lows alive and well.
Bias:...
Wheat
Technicals (May)
May wheat futures broke lower yesterday, after struggling to maintian price action above trendline support in the previous two sessions. This has the Bear camp back in the driver’s seat as we officially enter the back half of the week. A close back above 550-555 would neutralize the recent bearish action.
Bias:...
Corn Futures ConsolidateTechnicals (May)
May corn futures continue to be stuck in a sideways trade, not great if you're trading for a bigger directional move. With that said, we believe there are some great opportunities for shorter term trading opportunities on both sides of the market. If you'd like to discuss being more active on a shorter-term basis, feel...
Soybeans
Technicals (May)
May soybean futures broke back below support yesterday which accelerated the selling pressure and keeps the door open for a retest of the February lows in play, that comes in from 1128 1/2-1133 1/2.
Bias: Neutral
Resistance: 1155-1160***, 1170-1175***
Pivot: 1150
Support: 1128 1/2-1133 1/2****
Fund Positioning
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Wheat
Technicals (May)
May wheat futures traded in a wide range yesterday, on both sides of unchanged. This morning, prices are attempting to firm as the market revisits our pivot pocket from 550-555. The Bulls will want to see consecutive closes back above this pocket to spur a move back towards the recent highs. A failure to do so could put the Bears in...
Chicago Board of Trade soybean futures ended weaker on Tuesday after touching a one-month low as strength in the dollar weighed on grain markets.
CBOT May soybeans SK24 settled down 13-1/4 cents at $11.45 per
bushel and hit their lowest price since March 6.
CBOT May soymeal SMK24 ended down $3.20 at $335.30 per short
ton, and May soyoil BOK24 dropped 0.56 cent...
Chicago Board of Trade corn futures ended lower on Monday, pressured by generally favorable U.S. weather for planting and a setback in crude oil futures as worries eased about escalating tensions in the Middle East.
-Corn sometimes follows trends in crude oil due to its role as the main U.S. feedstock for ethanol fuel.
-CBOT May corn settled down 4 cents at...
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...
Corn Futures
Technicals (May)
May corn futures had a strong close on Friday with the uncertainty of what could happen geopolitically over the weekend. The "worst case scenario" was avoided which has most markets trading in a calmer manner to start the week. Looking at the technical landscape, the market is still very rangebound with prices lingering near the...
Chicago Board of Trade corn futures dropped to a one-month low on Tuesday on forecasts for good spring planting weather in the U.S. Midwest that could potentially increase acres planted this spring.
-Concerns about ample supplies and weak U.S. corn export demand added further pressure to prices after a media report said Chinese authorities were seeking to curb...
Malaysian palm oil futures rose for the third straight session on Wednesday, due to a shortage after a slowdown in production during Ramadan, topped with hot weather over the past weeks.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 84 ringgit, or 1.95%, to 4,396 ringgit ($926) a metric ton, by the midday...
Chicago Board of Trade (CBOT) soybean futures dropped on Tuesday on technical selling and spillover support from lower corn and wheat.
-CBOT May soybeans ended down 11-3/4 cents at $11.74 per bushel after touching the lowest level since March 8.
-Selling accelerated as the benchmark contract broke through technical chart support at its 20- and 50-day moving...
In today's video I just go over some of my general thoughts about the corn market and some of its current technical and fundamental factors that I believe are driving the market. Hope you enjoy and stay tuned for more! :)
CBOT:ZC1! CBOT_MINI:XC1! AMEX:CORN
