Corn: Hot and dry is the story right now. This is why we have seen a little bounce overnight in the corn market. The weather, coupled with losses from the state of Iowa, give the bulls a slight advantage today and early this week. Fund traders still hold a position of net short 110,000 contracts, which could spark a decent rally if resistance gives way and there is a bigger turn in the fundamentals. Downward trend channel resistance comes in right around $3.50, which will be a big test for any rallies.

Corn Dec ’20 Daily Chart

Soybeans: Scares of some harsh dryness has the market bouncing overnight, but rallies should be limited until we see how much relief the crop gets from tropical storm rains this week. Crop conditions being at historically high levels for this time of year also has people guessing whether the potential damage from dryness will hurt as much as it would in a normal year. The advanced progress may help keep the crop from getting too damaged to effect prices enough. The RSI is reaching near 65, anything over 70 and the market begins to feel overbought. I wouldn’t be surprised to see soybeans fail at the top end of the channel. A break above the channel should test last week’s high around $9.20.

Soybeans Nov ’20 Daily Chart

If you’d like to learn about the opportunities that exist in the grain markets right now, please request our exclusive Agricultural Investor Kit. If you have any further questions or needs, please contact Tony Cholly at 1-800-826-2270 or email him at

Our Grain Investor Kit Includes:

– In-Depth Fundamental Analysis and News on What is Currently Moving the Grain Markets
– Technical Analysis Overview with Possible Outcomes
– Analysis on Current Trends and Opportunities in the Market and How to Take Advantage of Them
 – Historical Charts and Data Outlining Historic Prices and Trends

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Tony Cholly

Senior Market Strategist
Tony majored in Economics at Eastern Illinois University. He performed his thesis on the market price of corn in the market and the factors that affect it. Tony was drawn to futures trading because of the opportunity to have financial gains in an economic environment. He prides himself on working with customers one-on-one and developing a trading strategy based on the client's needs and wants.
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