Corn
Technicals (July)
July corn futures notched their sixth consecutive session with a lower close, the longest losing streak since February. We see weakness again in the early morning trade, but the intraday lows from Monday are still intact, which is actually encouraging considering the better-than-expected crop ratings report we got earlier in the week. 433-436 continues to be the support pocket we are keeping an eye on, this pocket is really where the market started carving out a meaningful short-term low in March and April. From a risk/reward perspective, we believe this pocket set’s up for a nice counter trend trade. A break and close below that support pocket would neutralize that thesis, but if the Bulls can defend it, we could see the market seek relief and gravitate towards our pivot pocket from 448-451.
- Bias: Neutral/Bullish
- Resistance: 460 1/4-463 1/2***, 471-474 3/4****
- Pivot: 448-451
- Support: 433-436****
Wheat
Technicals (July)
The failure at our pivot pocket in yesterday’s trade took prices quickly to our 3-star support pocket from 655-666. If you’re bullish wheat, this may be a spot to look at the long side. If you’ve been bearish and short, you may consider lightening up a bit. If the Bulls fail to defend this pocket, the next line in the sand on the downside comes in from 635 1/4-639. Our pivot pocket from 673-676 will act as first resistance and the pocket that the Bulls want to see a close back above to start repairing some of the technical damage that has been done over the last week and a half.
- Bias: Neutral/Bearish
- Resistance: 695-702***, 727**
- Pivot: 673-676
- Support: 655-666***,635 1/4-639***
Soybeans
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