{"id":17653,"date":"2022-04-06T12:21:26","date_gmt":"2022-04-06T20:21:26","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=17653"},"modified":"2022-04-06T12:21:26","modified_gmt":"2022-04-06T20:21:26","slug":"corn-wheat-updates-support-and-resistance-levels-4-07-2022","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/corn-wheat-updates-support-and-resistance-levels-4-07-2022\/","title":{"rendered":"Corn, Wheat Updates & Support and Resistance Levels 4.07.2022"},"content":{"rendered":"
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More Grain & Soy Product Volatility: Corn & Wheat Focus:<\/h1>\n
by Mark O’Brien<\/div>\n
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December corn<\/a> posted its fourth consecutive new contract high yesterday, likely still finding support from last week\u2019s smaller-than-expected planted acreage number in the year\u2019s USDA Prospective Planting report.\u00a0For both corn<\/a> and wheat<\/a>, the war in Ukraine has traders worried about global grain supply, given Ukraine\u2019s significant contribution to both.\u00a0China\u2019s wheat crop<\/a> has been described as a \u201cpotential disaster,\u201d by the Hightower Report\u2019s Stephen Maass and he\u2019s not alone in his assessment of the country\u2019s crop conditions, due to last fall\u2019s record-breaking rain and flooding and subsequent planting delays.\u00a0Additionally, record fertilizer prices may cause producers to use less, affecting this crop year\u2019s yield.\u00a0Phrases like \u2018food inflation\u2019 and \u2018food scarcity\u2019 are finding their way into commentary on future prices for a range of base commodities like grains, softs (orange juice<\/a>, suga<\/a>r, coffee<\/a>) and other \u201coff exchange\u201d staples.<\/div>\n
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This all sounds like the stage is set for price increases rarely seen for some commodities, particularly grains, but caveats abound.\u00a0We\u2019re way too early in the U.S. crop year to foresee how things will play out at harvest.\u00a0Weather \u2013 anywhere in the world \u2013 is a fickle element and grain futures prices can seesaw at the slightest hint of change.\u00a0We\u2019ve already seen commodity prices react \u2013 or over react \u2013 to even hints of cessations of the war in Ukraine: peace talks, cease fires and the like.\u00a0This should continue to be the expectation for price moves reacting to more of the same.<\/div>\n<\/div>\n
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Updates:<\/div>\n
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