Soybeans

Technicals (November)
November soybean made new lows yesterday and in the overnight trade but are attempting to find their footing as they trade back into positive territory this morning. The RSI is towards the lower end of the range from this year’s trade with a reading of 29.45. The first barrier the Bulls want to get out above this morning comes in from 1085-1087, above that could spur a move towards the technically and psychologically significant 1097-1102 3/4 pocket. Our short-term bias is sitting at Neutral/Bullish, aka cautiously optimistic. Below is a 4-hour chart of November soybeans.

Soybean oil has been on our radar for the last several weeks. It had a nice move higher and a little pullback recently, but we still like the upside potential here. A move above 50 could spark a bigger move.

• Bias: Neutral/Bullish
• Resistance: 1097-1102, 1111 1/2-1115, 1138 1/2-1141**
• Pivot: 1085-1087
• Support: 1070-1071**

Corn

Technicals (December)
Corn futures failed to find any meaningful relief in yesterday’s trade which keeps the Bears in control of the technical landscape. $4.00 is psychological support, a close below that could spark capitulation from longs. On the flipside, the Bulls need to see prices back above 412-412 3/4 on a closing basis to at least revive hopes of a relief rally towards some of the recent breakdown points. Our short-term bias is sitting at Neutral/Bullish, aka cautiously optimistic. If you’re looking to play for a counter trend trade, volatility is down over the last two weeks which may make options more appealing, which could also provide a limited risk way to gain exposure.

• Bias: Neutral/Bullish
• Resistance: 420-422, 430-434**
• Pivot: 412-412 3/4
• Support: 398-400**

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