Market Analytics and Considerations
Key Notes
Corn (March)-2023
(Updated every week with the CoT Report)
Seasonal Tendency in Drama: During November 16 to January 4 of both the past fifteen years, March corn futures have trended upward.
Technical analysis:
Technical analysis: In the early in the morning trade, this pulled price down to our pivot region, which we have identified at 647. 1/4-652 3/4. A collapse at this position could trigger more long liquidation, which would allow for a retest of the weekly lows. 635-638 1/2.
Neutral or bearish bias
Neutral previous session bias
Resistance Zones: at 674-676, 661-664 1/2
Pivot: at 647 1/4-652 3/4
Support Zones: at 628–630, 635–638 ½
Soybeans (March) 2023
(Updated every week with the CoT Report)
Seasonal Tendency in Play: For 14 of the fifteen years, the pattern for March soybeans has been stronger from November 16 through January 9.
Technical Analysis
Wednesday, the March soybean futures moved up close to our three – star resistance region, 1493 1/2-1500, but were unable to advance much more. This is the top of the trading range that began in the midst of the summer. The market has retreated to the area we’ve designated as our pivot pocket, or 1475 3/4–1484. As we anticipate some excellent short-term investment options both from the Bulls and the Bears, we have changed our bias to Neutral.
Bias: Unaffected-Neutral
Bullish/Neutral session bias previous
Resistance Zones: 1493 1/2–1500, 1524–1528 1/2
Pivot At:1475 3/4-1484
Support Zones: 153-56, 1442–46, 1418–4 1/4, and 1425–4
Wheat (March)-2023
(Updated every week with the CoT Report)
No seasonal trends are present.
Technical Analysis
Wheat futures appeared to be breaking out over our pivot region, 760-765, but they faded out and ended the day with a weaker closing price. It has carried over into the nighttime and morning session. We’ve been guardedly optimistic about the market, leaning more toward a comfort recovery than a bullish stance, but the technical environment has just made it more challenging for that to manifest.
Neutral or bullish bias
Previous session bias: bullish or neutral
Resistance levels are 790–800, 816–819 1/4.
Pivot: 760-765
Support Zone: 690–700
