Wheat 2 years after topping out at the PCZ of a Bearish Shark that initiated a downtrend in 2022, has now come back to the top side of the range wheat traded in between the years of 2016 and 2020 before ultimately confirming the bottom at the PCZ of a Bullish Deep Gartley in 2019 and breaking free to the upside of the trading range in late 2020.
Now that wheat...
In this video I go over one of my favorite markets the Wheat market and its current conditions and it's developing stories from dryness in the Kansas City Area a major producer of HRW wheat to war torn Ukraine and potential disruptions there. And with a market that is very heavily shorted by large managed money speculators this leaves a market very vulnerable to...
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...
FCPO looks heavy. The drop might not ended yet but there might be a retracement higher. At this current level standing aside might be a good idea. Monday price action might be a good indicator on where price will go this week. Stand aside for now until new signal emerges.
This is more to swing
Wait for reaction at 50% level. If price close above 4040 probably trend will change and can look forward to long after breakout reversal.
If breakout do occur, expect price go to HnS/QM Level based on Fibonacci Level.
Wheat
Technicals (May)
Wheat futures shot higher overnight but got stonewalled by what was previously trendline support (now resistance). A failure to close out above 550-555 keeps the Bear camp in control with a potential retest of the lows still in play. Further escalation in the Middle East could turn the tide back to Bullish.
Bias: Neutral/Bearish...
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:...
Corn
Technicals (May)
What more is there to say about the corn market that hasn’t been said already? The market remains range bound with daily ranges shrinking as of late, reminiscent of watching paint dry. The CME CVOL index which measures volatility remains near the low end of the years range. Typically, we start to see that increase this time of year, but...
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...
