Grain markets were higher in Tuesday’s trade but struggled to find follow-through in the overnight and early morning trade. Will buyers show back up at the 8:30 open?

Corn

Technicals (December)

December corn futures were able to stage an impressive relief rally in yesterday’s trade, erasing losses from Monday and then some. The market has so far failed to find any follow-through momentum overnight as prices drift back lower. Will we see the buying pick back up when the floor opens? TBD. Support and resistance levels remain pretty well defined, as depicted in the chart below.

Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 401-403 3/4, 409-413*
Pivot: 396 1/4-397 1/4
Support: 380-385***
Below: Daily Chart of December Corn Futures.

Notes

• Flash Sale: on 8/27/24, Private exporters reported sales of 127,760 metric tons (5,029,687 bushels) of corn for delivery to Mexico during the 2024/2025 marketing year.
• EU Crop Update: The European Union’s corn yield is expected to drop below the 5-year average following a hot and dry growing season.

Chart of Interest
Below is a look at price averages for December corn over a 5, 10, and 15 year period. Past performance is not necessarily indicative of future results.

Soybeans

Technicals (November)

Soybeans kissed the 20-day moving average in yesterday’s trade but have again failed to get out above it. We have not seen consecutive closes above it since May. The end of May is also where trendline resistance started to develop, as shown in the chart below. There are enough eyeballs on these levels that if the Bulls are able to get out above it, it may be enough to spark a little tailwind to price action. Despite the fundamental headwinds, prices have been able to carve out a series of higher lows and higher highs over the last two weeks.

Short Term Bias and Technical Levels of Importance
Bias: Neutral
Resistance: 984 3/4-991, 1000-1006 1/2
Pivot: 975 1/2-980
Support: 950-955 1/4*

Below: Daily Chart of November Soybean Futures

Notes

• StatsCan: Statistics Canada showed soybean production at 7.15m tons, within the range of expectations.

Chart of Interest

Below is a look at price averages for November soybeans over a 5, 10, and 15 year period. Past performance is not necessarily indicative of future results.

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