Corn
Technicals (July)
July corn futures traded and closed below our pivot pocket yesterday which put a little more pressure on prices, retreating back to first support from 441 3/4-444 1/2. The Bulls need to see a close back above 448-451 to prevent a further technical breakdown. Soybeans getting taken to the woodshed yesterday certainly didn’t do any favors.
Bias: Neutral/Bullish
Resistance: 456 1/2-460****, 471-471 1/2***
Pivot: 448-451
Support: 441 3/4-444 1/2***, 433 1/4-436****, 422 1/4-424 1/4***
Soybeans
Technicals (July)
July soybean futures broke below the short term trendline support which led to an acceleration of selling pressure, opening the door for a retest of our next support pocket which we’ve outlined as 1150-1155. If that support pocket gives way it seems like a high likely hood that we could see the market gravitate down near lows of the year down at 1140 1/2 and possibly take a peak below that.
Bias: Neutral/Bearish
Resistance: 1182 1/4-1186 1/4, 1199 1/2-1204
Pivot: 1169 1/4-1173 1/2
Support: 1150-1155, 1140 1/4-1145 3/4**
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