Corn
Technicals (July)
July corn futures posted their fifth consecutive down day in yesterday’s trade and are working on making it six in the early morning session. Futures reopened weaker last night and remain in the red following a better than expected crop progress report which showed good/excellent conditions at 75%, 5% better than expectations. Export inspections yesterday morning came in above the top end of expectations and the USDA announced a flash sale too, both good headlines but not enough to offset the selling pressure. 4-star support comes in from 433-436, this wasn’t the low from February but it was the pocket that acted as significant support from the end of February to April. We would think this pocket would hold on the first test but wouldn’t be surprised to see it eventually giveaway.
- Bias: Neutral
- Resistance: 460 1/4-463 1/2***, 471-474 3/4****
- Pivot: 448-451
- Support: 433-436****
Soybeans
Technicals (July)
July soybean futures below our pivot pocket which accelerated the selling pressure, taking prices within arm’s reach of our next support pocket from 1170-1175. This pocket represents the breakout point from May 2nd. If the bulls fail to defend this pocket we could see another wave of selling take prices back down to 1140-1145, which represent the low end of the range from February – April. After a complete 360 in the last month, one would assume that if we do retest the lows, it may not stop there.
- 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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