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Corn prices have been bouncing off of the lows established about a week ago at $3.44. We have come up close to overhead resistance, which the market has not been able to push through, at least at this time. Now, we have pulled back to our first level of support which is where the 10 day moving average, the green line, is starting to level off and show signs of wanting to turn. If this market is going to try to break through the overhead resistance, the first challenge will be to hold chart support down at the $3.54-$3.55 level, where we closed today.
Zoomed in Corn Chart
November Soybean Chart
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Soybean prices are in an uptrend, although today’s close wasn’t very impressive. We did make a new high for the move earlier today at $9.77, but we turned around and closed around the $9.69 level. There is a little bit of something for everyone in this soybean trade today. New highs were posted on the charts, but it was a disappointing close for the bears. As we mentioned yesterday, as beans have pushed to the upside, it leaves multiple layers of support. First, where there is a tiny gap left from Tuesday morning. Then, there is the 10 day moving, the 20 day moving average, and our uptrending line all coming into play. What is interesting to note on today’s chart is that all of these levels of chart support were coming in about 20 to 30 cents below yesterday’s close. There is room for this market to correct to the downside even if we maintain a longer term uptrend.
Zoomed in Soybean Chart
