Grain markets were under pressure in Tuesday’s trade but are firming in the early morning trade, will it last?

Corn

Technicals (July)

July corn futures traded on both sides of unchanged yesterday, finishing the day near the low end of the range which was just above the previous day’s low.  We remain upbeat on prices and view the chart as very constructive, but believe we are an environment where shorter term opportunities on both sides of the market will be plentiful.  If you’re a producer, that is probably going to be a different colored lens as you may be more proactive in playing defense. 

Bias: Bullish/Neutral

Resistance: 483 1/2-486***

Pivot: 471-474 3/4 

Support: 456 1/2-460***, 448-451**

Soybeans

July soybean futures traded into our 4-star support pocket from 1199 1/2-1204 but were able to defend it which has helped elevate prices back into our pivot pocket from 1220-1225. If the Bulls can achieve a close above this pocket it could spur another upward thrust towards the recent highs, 1252-1259.

Bias: Neutral/Bullish

Resistance: 1252-1259, 1305 1/4-1311 3/4*

Pivot: 1220-1225

Support: 1199 1/2-1204, 1182 1/4-1186 1/4

Wheat

Technicals (July)
 

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