July Corn is testing the Up-trendline, but producers are making progress on their planting. In addition, we are holding the 50DMa. We could see some Long Liquidation if that trendline breaks, but it has held going back to the January Lows.
Keep an Eye out for the USDA Report later in the week, which could be a catalyst for our next move.
July Soybeans are making their way towards the 100DMA (1550'00). If that does break, we could see a move down to 1450'00, which is the old January resistance.
June Live Cattle has had some trouble gaining momentum despite the Cash market trading at higher levels. $131 is a must hold level for the Bulls.
June Lean Hogs are trading back to the previous January resistance as well, a psychologically significant level of $100. The RSI levels are near their low, which when crosses 30 is a bullish catalyst.
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