Corn
Technicals (July)
Yesterday’s WASDE report offered new news to the market. As mentioned in our interview with Ag Day interview, we are in the camp that no news is good news for corn futures as other bearish headwinds have been known for some time now. With the quarterly report just two weeks away and still some level of uncertainty about what this year’s crop is going to produce, we wouldn’t be surprised to see some minor short covering ensue. The first upside target/hurdle from here comes in from 460 1/4-463 1/2. If the Bulls can chew through this pocket, we could see an extension towards the upper end of May’s trading range which comes in from 471-475 1/2. A break and close back below our pivot pocket from 448-451 would neutralize if not flip our bias into bearish territory.
- Bias: Bullish/Neutral
- Resistance: 460 1/4-463 1/2, 471-475 1/2*
- Pivot: 448-451
- Support: 444 1/4, 433-436**
Soybeans
Technicals (July)
July soybean futures weren’t able to find any buyers following the WASDE report which has led to a relatively mute overnight trade. Support is being tested from 1170-1175. The Bulls NEED to defend this pocket to prevent another technical breakdown. The next support pocket comes in from 1140-1145. However, if the Bulls can find their footing on today’s open and hold support through the remainder of the week, potentially that starts to spur a little short covering and take prices back near the technically and psychologically significant $12.00 level. We did see back-to-back flash sales to China, which is certainly a silver lining, but the Bulls want to see more of that and on a larger scale. Seasonally we can start to see demand firm up a bit, but we are tempering our expectations.
- 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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