Corn
Technicals (July)
Good ol’ fashioned technical analysis (with all its flaws included) is alive and well. July corn futures broke out which accelerated the buying towards our resistance pocket 471-474 3/4. So far that has held in the overnight trade with a high of 472. We are moving our bias from outright Bullish to Bullish/Neutral (We think there’s still more upside but may take a pause). If you’ve been long the market, this may be a spot to reduce exposure. If you need to hedge, this is a spot to look at. Keep in mind that we have a WASDE report. If you’re in the camp that the short covering rally will continue, options are a great way to help manage risk. Feel free to reach out to our trade desk to discuss: (312) 278-0500.
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)
The market was able to chew through our pocket from 1220-1225 which has opened the door for a run at our next resistance pocket, 1252-1259, that was achieved in the overnight trade with a high of 1255. As mentioned in the corn section, these are resistance levels to consider taking action on. If you’ve been long the market (futures or physical), this may be a spot to reduce or hedge that exposure. If the Bulls can chew through resistance the next significant resistance pocket comes in at the gap from January 2nd, that comes in from 1305 1/4-1311 3/4. Don’t hesitate to reach out to our trade desk to discuss strategy: (312) 278-0500.
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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