Corn
Technicals (July)
July corn futures made new highs for the move in yesterday’s trade, getting as high as 456 1/4, only to reverse in the afternoon to finish in the red. In the overnight and early morning trade we are seeing futures rebound back near the middle of yesterday’s trading range, which is just about a penny above our pivot pocket. If the Bulls can achieve a close above yesterday’s high, we could see that spark another round of short covering which could propel prices back towards the May highs near 472. On the flipside, a failure to stabilize above our pivot pocket would open the door for a retest of the April lows. Needless to say, price action in the coming days will be extremely important following this morning’s WASDE report.
Bias: Neutral
Resistance: 460 1/4-463 1/2***
Pivot: 448-451
Support: 444 1/4**, 433-436****
Soybeans
Technicals (July)
Soybeans appear to be ping-ponging around over the last week, unable to string together two days of the same direction trade. Potentially today’s WASDE changes that pattern. Our support and resistance levels remain intact from last week. Support comes in from 1170-1175 and resistance is seen from 1199 1/2-1204. A break and close above or below these pockets could spark more of a trend trade on momentum alone.
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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