Technically Speaking

A technical look at two different price trends in the August contracts of live cattle and lean hogs.

After plunging more than 96 cents last week, July soybeans early Monday had a dramatic turnaround. The day is far from over, but early on July beans are flashing not one but two potential technical reversal signals.

Since May 8, November soybeans have plunged over $1.10 per bushel. Granted, the record Brazilian soy crop is weighing on our market, as well as financial worries and the WASDE projection for a 120-mb rise in U.S. ending stocks. However, there are reasons to believe that the...

Argentina's drought helped July soybean meal prices close higher in a week that was bearish for corn and soybeans.

Since the low that was made just four days ago, Kansas City July wheat has surged over $1.20 per bushel. Although a short-term setback is certainly possible, there are ample reasons as to why the bull run can continue.

A technical look at November soybeans and December corn.

July soybean meal futures have been beaten down in the past several weeks on fund selling, but we are getting close to a major support area which should halt the slide.

New-crop December corn futures have been in a freefall of late, closing lower for possibly the fourth consecutive day. Despite the bad news early Monday of a cancelation of a corn sale by China, December should find good support just below the Sunday night low.

A technical look at July contracts of corn and soybeans.

While there is certainly plenty of justification for Kansas City wheat to have risen to a huge premium to Chicago wheat, this spread, and the make-up of fund positions, may soon change the course of the spread.

A technical look at June live cattle and spot feeder prices.

A technical look at June live cattle and May feeders.

For 13 straight days, November soybeans closed lower -- before Friday that is. On Friday, the market overcame more early selling to close up sharply to finish last week.

A technical look at weekly soybean, soybean meal and bean oil prices.

Corn futures have been under serious selling pressure over the last several weeks, with December corn now having plunged 46 cents per bushel just since the last week in February. December, early on Monday, fell to within a dime of what should be solid support below.

A technical look at energy prices shows contracts starting to firm for the first time since last summer.

While U.S. old-crop soybean futures remain in a solid uptrend, and have held up very well even in the face of corn and wheat weakness, there are some potential bearish signs brewing.

Last week's consumer and producer price reports reminded traders more rate hikes are likely ahead, a simmering bearish concern for commodity prices.

While obviously a sharp discount to spot March corn futures, new-crop December is within 6 to 7 cents of major down-trend resistance, with more substantial interest just above that.

Last week's cattle inventory report from USDA gave cattle futures a boost, while lean hog prices showed signs of finding support from the recent bearish woes.