Corn
Technicals (December) Corn futures were able to defend Friday’s low in yesterday’s session, a silver lining for those looking for a relief rally from these levels. A close above 422 1/4 opens the door for a retracement of Friday’s breakdown point, 430-434. A move out above there could spark a more meaningful short covering rally. Despite the market trading about 12 cents off the recent low, the RSI remains in oversold territory. Keep in mind that the markets will be closed on Thursday in observance of Independence Day, they will reopen Friday morning.
Yesterday’s crop progress report showed good/excellent conditions for the U.S. corn crop at 67%, this was a 2% decline from the previous week. Analysts were expecting a 1% drop.
- Bias: Neutral/Bullish
- Resistance: 430-434****, 453-455****, 460 1/4-463 1/2***
- Pivot: 422 1/4
- Support: 412-414 3/4**, 400**
Wheat
Technicals (September) Wheat futures led the way higher yesterday but are struggling to find follow-through buying overnight. Resistance remains intact from 597 1/2-603. A break and close above that could quickly propel prices towards 614-620. On the flipside, the Bulls need to see our pivot pocket defended from 579-583 1/4.
- Bias: Neutral/Bullish
- Resistance: 597 1/2-603, 614-620
- Pivot: 579-583 1/4
- Support: 550-560***
Soybeans
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