Corn
Fundamentals: This morning’s weekly export sales report showed net sales of 435,300 MT for 2021/2022 were up noticeably from the previous week, but down 36 percent from the prior 4-week average. Net sales of 588,500 MT for 2022/2023
Technicals (July): July corn futures broke below support at 790 yesterday. In yesterday’s morning commentary we wrote: “A break and close below here would move our bias to outright Bearish, as it could take us back to the low end of the recent range, 769-773.”. That low end of the recent range has been tested in the overnight session with a low of 773 ¼. If this support pocket gives way, there’s
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Soybeans
Fundamentals: This morning’s weekly export sales report showed net sales of 752,700 MT for 2021/2022 were up noticeably from the previous week and 65 percent from the prior 4-week average. Net sales of 149,500 MT for 2022/2023
Techncials (July): Soybean futures were lower yesterday, giving back most of the gains from the previous session. Prices are firm in the early morning trade, but off the overnight high. Resistance was tested in the overnight trade but has so far failed, keeping it intact from yesterday’s report, we’ve defined that as 1679 ½-1688 ¾. If the Bulls can reclaim ground above here, they could make another push at $17. Our pivot pocket remains intact from 1656 ½-1661 ¾. A break and close below that takes us back to
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Wheat
Fundamentals: This morning’s weekly export sales report showed net sales of 8,500 metric tons (MT) for 2021/2022--a marketing-year low--were down 40 percent from the previous week and 82 percent from the prior 4-week average. Net sales of 325,600 MT for 2022/2023
Technicals (July): Wheat futures got hit hard yesterday as the market digests that rapidly changing and never-ending news cycle. Support from yesterday’s report is being tested this morning, that comes in from 1200-1205 ¼. A break and close below here could take us back to
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