Corn

Technicals (July)
July corn futures continued to peel back in yesterday’s trade, but all in all we saw yesterday’s trade as a healthy correction following a failure against resistance. As you can see from the chart below, we are still defending previous resistance as well as trendline support. If the Bulls can defend the levels it would make another round of higher lows, which could potentially take us to mark higher highs. If 456-460 were to give way on a closing basis that would neutralize our bias.

As mentioned yesterday (and previous reports), we believe we are an environment where shorter term opportunities on both sides of the market will be plentiful for active traders. If you’re a producer, that is probably going to be a different colored lens as you may be more proactive in playing defense.

Bias: Bullish/Neutral

Resistance: 483 1/2-486***

Pivot: 471-474 3/4

Support: 456 1/2-460*, 448-451

Soybeans

Technicals (July)
July soybean futures looked like they were going to breakout above our pivot pocket and run, but that early morning momentum fizzled out and took prices back near unchanged at the close. Our short-term bias remains Neutral/Bullish, aka Cautiously Optimistic. A break and close below 1199 1/2-1204 would neutralize that bias if not flip it into bearish territory.

Bias: Neutral/Bullish

Resistance: 1232 1/4-1236 3/4, 1252-1259

Pivot: 1220-1225

Support: 1199 1/2-1204, 1182 1/4-1186 1/4

Wheat….

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