Grain Markets See Volatile Trading Environment Continue
The grain markets have been experiencing a volatile trading environment in recent weeks, with prices fluctuating rapidly. According to Blue Line Futures, technical levels held nearly perfectly on Friday, with resistance at 492 and support at 480 1/4. However, the price action on Sunday night saw prices hovering near the 100-day moving average and next line of support at 473.
The markets have provided tradable opportunities for both bullish and bearish traders, with Blue Line Futures' trade desk available to assist clients as needed. For November Soybeans, a fundamental shift occurred over the weekend, with prices returning to near where they were a week ago. The company's 3-star support pocket has been tested and is so far holding, coming in from 1214-1217 1/4.
For December Chicago Wheat, futures are softer this morning but still holding ground above Friday's low. Support remains intact from 675-678 1/4, but a failure to defend that pocket could lead to another 15-20 cent decline.