{"id":19832,"date":"2024-06-03T12:20:04","date_gmt":"2024-06-03T20:20:04","guid":{"rendered":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/?p=19832"},"modified":"2024-06-03T12:20:04","modified_gmt":"2024-06-03T20:20:04","slug":"market-analysis-grain-futures-trends-amidst-technical-shifts","status":"publish","type":"post","link":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/market-analysis-grain-futures-trends-amidst-technical-shifts\/","title":{"rendered":"Market Analysis: Grain Futures Trends Amidst Technical Shifts"},"content":{"rendered":"
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June Grain Comment<\/strong><\/p>\n

By John Thorpe, Senior Broker<\/p>\n

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Corn was the first of the spring time grain bulls to negate recent uptrends with bears officially seizing technical control of July contract with a crossover Moving Average on May 29th\u00a0\u00a0and hasn\u2019t looked back; on that day the contract closed at $5.05 \u2013 BU; todays close was $4.88. \u00be – BU. I would expect a range trade for the rest of this month up until the July 4th\u00a0vacation, when trends can quickly reverse.<\/p>\n

The Soybean market was next : Friday saw the technical damage done when the Crossover Moving Average reflected an outright sell with a closing price of $12.05 -BU. 53 cents off it\u2019s May 23rd\u00a0high. Also negating the bullish spring time sentiment that ordinarily comes with a weather market. July Soybeans closed @11.84 \u00bd down .20 \u00bd from Fridays settlement. As recent price uptrends on the daily graphs have been negated, it appears, this market at best, will trade sideways between $11.50 and $12.20\/BU<\/p>\n

The best option strategies for sideways markets include, \u201cShort Strangle\u201d,\u201d Iron Condor\u201d , \u201cShort Straddle\u201d and \u201cIron Butterfly\u201d\u00a0please consult with your Cannon Broker if you have any questions about these or other strategies you can utilize in perceived side-ways markets.<\/p>\n

The Lone holdout in the row crops and still in a very strong bull trend is the Wheat market. This springtime bull rally began mid April in the $5.60 \u2013 bu area and has gone as high as $7.20 \u2013 bu May 28th. Today we closed at $6.72 \u00be – bu down 5 \u00be from Friday\u2019s close all done within a 30 cent range today!.<\/p>\n

We haven\u2019t yet done much technical damage, a close below 6.56 could trigger a sell, it\u2019s wait and see here.<\/p>\n

Although Wheat can move sympathetically with corn and beans, like today, it wouldn\u2019t surprise us to see Wheat buck the trend and maintain it\u2019s bullish technical credentials, this could be the \u201cbuy the Dip\u201d moment with a reasonable risk management stop or put to cover.<\/p>\n

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If you are a day trader,<\/strong>\u00a0below you will see markets that our proprietary ALGO has identified as being more suitable for attacking either from the long side or the short side for the next trading session.<\/p>\n

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Daily Levels for June 4th, 2024<\/h3>\n

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* This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc<\/a>. Any statement of facts\u00a0here in\u00a0contained are derived from sources believed to be\u00a0reliable,\u00a0but are not guaranteed as to\u00a0accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own\u00a0judgement\u00a0in trading.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Get Real Time updates and more by joining our Private Facebook Group! Subscribe to our\u00a0YouTube Channel Listen to our Market Recap Podcasts on Apple Podcasts       June Grain Comment By John Thorpe, Senior Broker   Corn was the first of the spring time grain bulls to negate recent uptrends with bears officially seizing […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-19832","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/comments?post=19832"}],"version-history":[{"count":1,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19832\/revisions"}],"predecessor-version":[{"id":19833,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/posts\/19832\/revisions\/19833"}],"wp:attachment":[{"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/media?parent=19832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/categories?post=19832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cannontrading.com\/tools\/support-resistance-levels\/wp-json\/wp\/v2\/tags?post=19832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}