Corn
Technicals (July)
July corn futures were higher to start the week but fizzled out after failing against our 4-star resistance pocket from 471-474 3/4. That failure may have triggered some long liquidation from buyers in last week’s trade which led to a retest of our pivot pocket from 460 1/4-463 1/2. This is a pocket the Bulls will want to defend on a closing basis, a break and close below could take us back to support near 450, which is also where the 50 and 100 day moving averages come in.
If you’re a producer that needs to hedge old crop or new crop corn, you may want to temper the expectations and be more active on playing price defense, just based on seasonality alone. We all hope it goes higher, but that’s not a risk management strategy.
- Bias: Bullish/Neutral
- Resistance: 471-474 3/4*, 483 1/2-486
- Pivot: 460 1/4-463 1/2
- Support: 454 1/4-456 1/2, 448-451*
Wheat
Technicals (July)
July Chicago wheat futures are pulling back this morning but have not yet done any technical damage. A break and close back below 676 1/2-682 could be the catalyst to spark a bigger technical retracement back down into the 650’s. Until then, The Bulls still have the advantage on the chart. Historically, this isn’t a great time of year to get supper bulled up on wheat, but the recent move hasn’t been all that seasonal to begin with.
- Bias: Neutral/Bullish
- Resistance: 727**
- Pivot: 695-702
- Support: 676 1/2-682****, 655-666***,635 1/4-639***
Soybeans
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