Commodities

What To Know For The Week on Soybeans, Wheat and Corn

Published

3 years ago

March 28, 2021

Last week commodity traders had mixed feelings regarding grains. As Soybeans, Corn and Wheat have been consolidating for a few weeks now it appears that volatility could be potentially picking up its pace.

Quick Take

Schedule of events this week
Sir Chartist’s opinion on the current state of grains
Corn remains near the highs as Wheat and Soybeans see accelerated selling

Schedule of Events

WEDNESDAY- 12 PM Grain Stocks report
WEDNESDAY- 3 PM Agricultural Prices
THURSDAY- 8:30 AM Weekly Export Sales
THURSDAY- 3 PM Grain Crushings

Sir Charist Opinion

CORN

Corn has been holding up near the highs of this rally compared to Wheat and Soybeans. With price action contracting and the selling getting less volatile it could be a potential sign that supply is fading.

Chart Pattern: Symmetrical Triangle

With the schedule of events this week, I will have my eyes on the Grain Stocks report coming this Wednesday.

WHEAT

Wheat has been seeing supply come to the market as fears of “oversupply” on Wheat could cause supply to outweigh demand.

Chart Pattern: Descending Channel

The big technical level in my opinion that could attract and surge in demand or supply will be the 200 day moving average.

SOYBEANS

Soybeans have been trading in a equilibrium but, that equal balance of supply and demand could vanish soon potentially.

Chart Pattern: Multi Top

Since the rally has started Soybeans has not traded below the 50 day moving average but is now approaching a “danger zone”. As soybeans opens this week, traders will be watching this key technical area.

Related Topics:Commodities grains Soybeans

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Commodities

Commodities: Soybeans Is Trading Near A Key Level

Published

2 years ago

May 22, 2022

Austin Daniels

Grains have saw a BOOM and as commodities tend to trade, we should expect a BUST, right? Well maybe that is not the case yet because Soybeans in trading near a very important level.

Soybeans is trading over 100 points off of Mays low as it is inching closer to the key $1,800 area.

As you can see the chart above, you can see that around 2012 Soybeans was trading near the current levels it is trading at.

This key area is going to be $1789 and above this level could be a nice breakout potentially.

Right now Soybeans currently trades at $1705 but, it has been consolidating for a few weeks now as it has traded in a range around $1600-$1700.

Commodities

Wheat Breakouts Out Of Channel…AGAIN

Published

2 years ago

May 16, 2022

Austin Daniels

Wheat Futures saw a gap up as futures opened last night.

This came after it broke out on Thursday and it has gained momentum Friday followed by a gap up on Sunday.

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Commodities

Soybeans Trying to Breakout Over $1600

Published

2 years ago

February 18, 2022

Austin Daniels

It has been quite the ride for Soybean traders the past few months as it has gone from $1600 back down to $1200 and now back at $1600.

The question is will it be a double top or will it actually breakout above $1600 this time.

First, I want to give credit to our very own @ChartBreakouts on twitter for calling this breakout via twitter.

#SOYBEANS is trying to breakout. pic.twitter.com/qrBkbmv2bD
— Sir Chartist (@ChartBreakouts) December 16, 2021

The Chart

Since Soybeans had bottomed around $1200 it had broken out and not looked back. As you can see this current area is very strong resistance from a few months back and all eyes will be on the $1600 area.

Earlier this week Soybeans did try to gain momentum over $1600 but that was not long lived and in result it fell back below $1600.

This morning Soybeans is currently trading around $1599 and is on watch today to see if demand can come into it and push it higher