Tech Guy Corn & Soybean Chart Updates -

The continuation chart of corn is currently in the December contract, and for beans it is the November. Both charts indicate that current prices are at serious resistance levels, meaning that a downleg is probable for at least a few weeks. Up corrections in the downleg should be used for selling opportunities.

It is difficult to describe a chart in words, so I will outlay several price levels. 470.0 is stiff resistance in corn, and 1208.0-1210.0 should serve as resistance in beans.

The support levels where bounces should occur in corn are 444.0, 424.0, and the 405.0-400.0 area.

Those places in beans should be 1152.0-1145.0, 1122.00, and 1100.0.

Please study both daily charts so you can see where these important prices are.

Canola:

The canola market is unlike any other market in that Canada and the EU produce about half of the world's canola. Canada exports most of its canola or canola oil while the EU exports very little. China is the world's third largest producer of canola, uses all of it and imports canola primarily from Canada if politics do not get in the way.

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