After price pressure to end May and a rough start to June, Darin Fessler from Lakefront Futures and Options said to stick with the game plan.
“There’s still a lot of growing season left,” said Fessler. “The market now is dealing with a technical breakdown, the trade uncertainty, a good start to the growing season and fund liquidation of long positions. The bears in the grains can’t do anything wrong right now. The markets don’t look good and they don’t feel good.”
AgriTalk After the Bell host Chip Flory asked if this could be a “darkest before the dawn” scenario for grain futures: “Not yet,” said Fessler. “Markets have moved quickly into an oversold condition, but we can’t rule out some additional pressure.”
Cary Artac, of Artac Advisory, broke down the chart outlook for corn, soybeans, wheat and cattle futures. He told Flory that $3.80 ¼ should hold in July corn futures this week and that he’s looking for the market to rotate back to the upside. He sees July corn futures back to $4.08 before expiration.
To hear the complete interview with Fessler and Artac, click the player below or download the new AgriTalk app.