In case you missed it…
Corn, soybeans, and wheat were all sharply lower in Thursday’s trade. Are there any hopes of a rally?
Corn
Technicals (July) July corn futures rolled over in yesterday’s trade, taking prices back down near the lows from the first week of the month. Significant support comes in from 433-436, this pocket. This represents the low end of the range dating back to the end of February. Resistance comes in from 448-451. July options expire at the close today, if you’re still in July futures, you may consider exiting or rolling before the weekend.
- Bias: Neutral
- Resistance: 448-451****, 460 1/4-463 1/2***
- Pivot: 444 1/4
- Support: 433-436****
Soybeans
Technicals (July) The yo-yo trade continues in soybeans, with yesterday’s big move lower erasing all of Tuesday’s gains and then some. In the overnight and early morning trade, soybeans have halved those losses. 1170-1175 is the pocket the Bulls want to get back above to spur a leg higher. A failure to do so keeps the door open for a test of our 4-star support pocket from 1140-1145.
- Bias: Neutral
- Resistance: 1199 1/2-1204, 1220-1225
- Pivot: 1170-1175
- Support: 1140-1145****
Wheat
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Tune in..
Listen in as Oliver Sloup joins host Chip Flory on AgriTalk to discuss yesterday’s market close.
Grain futures and lean hogs came under fire today. Are there any silver linings to be found? #Grains #livestock #leanhogs
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