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Grain and livestock markets have had a choppy start to the week as traders sift through the weekend headlines and gameplan for the week ahead.

Corn
Technicals (December)

December corn futures were modestly weaker to start the week, but it did little to change the technical landscape. Our pivot point remains intact at 409 with support below that coming in from 401-403 3/4. On the resistance side, 413 1/2-416 is the hurdle the Bulls want to get out above to spark another wave higher. The next resistance pocket above there is 421 3/4-423 3/4.

Technical Levels of Importance
Resistance: 413 1/2-416, 421 3/4-423 3/4*
Pivot: 409
Support: 401-403 3/4, 380-385
Below: Daily Chart of December Corn Futures.

Crop Progress Update
The weekly Crop Progress report showed good/excellent conditions for the US corn crop at 65%, up 1% from last week. Analysts were expecting to see a 1% decline to 63%. Harvest is now 9% complete, in line with expectations.

Soybeans
Technicals (November)

November soybean futures continue to consolidate in a narrowing range, which could be the market's way of building up energy for a bigger directional move. Support and resistance levels from yesterday's report remain intact. The chart appears constructive but seasonal weakness in the back half of September may keep buyers at bay.

Technical Levels of Importance
Resistance: 1023-1024 1/2, 1031 3/4-1035
Pivot: 1000-1006 1/2
Support: 984 3/4-991, 973 1/4, 950-955 1/4*
Below: Daily Chart of November Soybean Futures

Crop Progress Update
The weekly crop progress report showed good/excellent conditions for soybeans at 64%, this was a decline of 1% from last week and in line with expectations. The crop is 6% harvested.
 

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