Market Information

November soybeans rallied to a 1332 high yesterday and while it closed higher on the day the contract ended up closing well below the life of contract high established last week at 1335. Again overnight, the contract traded to 1332 and is now walking back that gain. On a positive note, the contract traded and closed above 10-day moving average resistance at 1314. 1314 is now daily chart support with 1335 resistance. The trade is clearly looking for news to feed the current bullish trend that began on June 30^th. No new export sales have been reported this week. USDA announces those sales at 9 am each morning after sales of 100,000 metric tons or more are made. The trade will be watching closely for news from next week’s Trump/Xi meeting in Washington. Failure to score a close over 1335 would be damaging. Upside targets on a close over 1335 are drawn in below.

Despite closing higher 3 of the past 4 sessions, December corn is continuing to slide lower. Daily chart resistance is the 10-day moving average, now at 543 and is falling daily. That hints at the creation of a new bearish 10/20-day moving average cross as the two are now just 3 cents apart. That spread was 23 cents just last week. Daily chart support is 530, 525, 519.

December wheat formed the first bearish cross yesterday since August 5^th. The downside targets are 704, 676.