The Wheat Rally Continues. How Long Will it Last?

Grains have been mixed in the overnight trade as seasonal volatility continues to be on the rise.  Here are a few things to keep in mind

Corn

Technicals (July)

July corn futures were lower for much of yesterday morning’s trade but were able to power back to recover half of the earlier session losses. We are entering a time of year where producers should start considering ways to play defense (hope for the best, plan for the worst).  Options can be a great tool to keep the upside open while establishing a floor.  Our trade desk is here to help, whether you’re looking at the market from the lens of a hedger or a trader. 

• Bias: Bullish/Neutral
• Resistance: 460 1/4-463 1/2***, 471-474 3/4****, 483 1/2-486***
• Pivot: 454 1/4-456 1/2
• Support: 448-451**

Soybeans

Technicals (July)
July soybean futures gave back some ground in yesterday’s trade but were still able to defend our pivot pocket into the close, which continues to keep the ball in the Bull’s court. If the Bulls can find the momentum to retest the recent highs and resistance from 1252-1259, that could be enough to spur a bigger breakout move to the upside. A break and close below 1220-1225 would neutralize if not flip our bias into short-term bearish territory.

• Bias: Bullish/Neutral
• Resistance: 1252-1259***
• Pivot: 1232 1/4-1236 3/4
• Support: 1220-1225, 1199 1/2-1204*

Wheat

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