2-Minute Drill: Soybeans and Lean Hogs
Soybeans were higher in the early morning trade but settled about a dime off the highs, what’s next? Lean hogs have been posting higher lows and higher highs since the start of the year. Are we nearing a top?
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Corn
Technicals (July)
July corn futures were underwhelming in yesterday’s trade, considering wheat tacked on another dime. Futures have traded on both sides of unchanged overnight and are currently treading near unchanged. Bulls will want to see 448-451 defended through today’s trade to keep the ball in their court, a failure to do so could take us back into 441 3/4-444 1/2.
Weekly export sales showed net sales of corn at 1,299,900 MT for 2023/2024 were up noticeably from the previous week and up 74 percent from the prior 4-week average.
- Bias: Bullish/Neutral
- 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 made a nice move higher in the first half of yesterday’s trade but failed near the 50% retracement and retreated back near the 50day moving average and the unchanged marker by the end of the day. Our pivot pocket has been defended in the early morning trade, that comes in from 1169 1/4-1173 1/2. This pocket will act as a bit of an inflection point today, a failure to defend this could cause more pressure.
This morning’s weekly export sales report showed net sales of soybeans at 210,900 MT for 2023/2024 were down 57 percent from the previous week and 29 percent from the prior 4-week average.
- Bias: Neutral
- 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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