Corn
Technicals (July)
July corn futures had a rough go of it last week, which has bled into some minor weakness to start a new week and a new month of trade. Friday’s Commitment of Traders report showed Funds were net sellers of roughly 12k futures/options contracts, keep in mind that data is collected through Tuesday’s trade so it does not include the pressure we saw in the back half of the week. As of the report, Funds are net short 133k contracts, far less than the previous low in February which was nearly 341k contracts. If the Bulls fail to find their footing and reclaim ground above 448-451 we could see the slide continue with the next downside objective coming in the mid 430’s, which is where we started to carve out the short-term low through March and April. If that pocket gives way, the selling could accelerate and it might not stop until new lows are made.
- Bias: Neutral
- Resistance: 460 1/4-463 1/2, 471-474 3/4*
- Pivot: 448-451
- Support: 433-436****
Soybeans
Technicals (July)
July soybeans have gotten hit hard over the last week, which has carried over into weakness in the overnight and early morning trade. Previous support will now act as resistance, that comes in from 1199 1/2-1204. Until the Bulls can find their footing back out above this pocket the Bears remain in control of the technical landscape and just from looking at the chart, there appears to be quite a bit of air on the chart, a complete 180 from how things were looking just a week and a half ago. Tis the season for volatility.
- Bias: Neutral
- Resistance: 1220-1225, 1232 1/4-1236 3/4
- Pivot: 1199 1/2-1204
- Support: 1170-1175, 1140-1145*
Wheat
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