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Soybeans
Technicals (July)
July soybean futures broke below our pivot pocket yesterday from 1220-1225 which opened the door for another leg lower, taking prices within a few pennies of our next support pocket from 1199 1/2-1204. As mentioned in our interview with RFD-TV yesterday afternoon, this is both a psychologically significant and technically significant pocket as it represents the 50% retracement of the recent move as well as the price pocket that helped aid in the acceleration higher. Those weak hands who chased the market higher last week are likely getting shaken out ahead of today’s WASDE report. If the Bulls can defend support through today’s session, we think that would bode well for the Bulls going into next week’s trade. Earlier in the week we had discussed looking at the short side (reducing long exposure or placing downside protection) against our resistance pocket from 1252-1259. From a technical perspective we feel that it would be prudent to lighten up if not neutralize that stance if you didn’t do so yesterday.
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
Corn
Technicals (July)
July corn futures continued to slide lower yesterday but are attempting to defend our pivot pocket near 456 which represents an inflection area dating back to the start of the year with the most recent inflection being the breakout point from May 2nd (illustrated in the chart below). As mentioned in yesterday’s report and interview with RFD-TV and AgriTalk, we see this as an opportunity to look back to the long side if you had reduced against our resistance pocket earlier in the week. If you took a more bearish stance against resistance, this would be a spot to consider reducing exposure. We do have a WASDE report this morning which could have a short-term impact on price action, but we think the market will move quickly past it.
Bias: Bullish/Neutral
Resistance: 471-474 3/4***
Pivot: 456 1/2-460
Support: 448-451**, 441 3/4-444 1/2***
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Check out the Article: Grains at an Inflection Point Ahead of WASDE Report - Blue Line Futures
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