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Corn
Technicals (July)
July corn futures reversed after failing against our resistance pocket from 471-474 3/4 (which we noted in the last two days as a spot to reduce long exposure). Prices have now retreated back near our pivot pocket from 456 1/2-460. If you reduced against resistance, this is a spot to consider getting that exposure back on. A break and close below this pocket would start to neutralize that thesis. The markets are finally coming to life which certainly makes the trading aspect more exciting! Let’s cross our fingers it sticks around for a while.
Bias: Bullish/Neutral
Resistance: 471-474 3/4***
Pivot: 456 1/2-460
Support: 448-451, 441 3/4-444 1/2*
Soybeans
Technicals (July)
In our last two morning reports we talked about reducing long exposure at our resistance pocket from 1252-1259. If you had done that, you may be looking at our pivot pocket from 1220-1225 to reinitiate that exposure. Keep in mind that we do have a WASDE report tomorrow which could impact prices and change technicals. With that said, we think the market will quickly move past this report and focus on other catalysts such as weather, crop development, geopolitics, etc. The ranges have expanded recently which should keep the tradable opportunities alive and well, especially during this time of year.
Bias: Neutral/Bullish
Resistance: 1252-1259, 1305 1/4-1311 3/4*
Pivot: 1220-1225
Support: 1199 1/2-1204, 1182 1/4-1186 1/4
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Grain Futures Fail at Resistance and Retreat to Support. Will it Hold? - Blue Line Futures
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