Corn and Soybean Futures Firm in the Early Morning Trade. Is the Low in?
Posted: July 6, 2023, 8:47 a.m.
CornTechnicals (December)Corn futures traded on both sides of unchanged yesterday testing and holding 3-stary support which we outlined yesterday morning as 485-490. The two-sided trade may be an indication that the market is attempting to consolidate following a violent selloff in over the last two weeks. If the Bulls can continue to defend support from 485-490, it may be enough to lure in some buying activity with a relatively well-defined risk. The first hurdle for the Bulls to overcome comes in from 505-511. Above that is a more significant pocket of resistance, 518-525 3/4. This is a much wider pocket that we would typically like to use, but with the sharp selloff and wide-ranging trading days, support and resistance levels become more cloudy and wider. Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 518-525 3/4***, 540 1/2-545 ** Pivot: 505-511 Support: 485-490***, 476**, 460-465**** |
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Soybeans |
Technicals (November)Like corn, November soybean futures are attempting to consolidate following a month of a vicious whipsaw trade. Resistance near $14.00 remains intact for today's trade. On the support side 1340-1350 is the pocket we are keeping a close eye on. The market probed below here yesterday but the Bulls were able to defend it into the close. If that pocket gives way on a closing basis, it could spark additional pressure, with little significant support until you get closer to the psychologically significant $13.00 level. Bias: Neutral Previous Session Bias: Neutral Resistance: 1390-1400***, 1427 3/4*** Support: 1340-1350****, 1333 1/4**, 1291-1300***
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WheatTechnicals (September)September wheat futures traded into our pivot pocket from 676-680 yesterday bit failed to get out above it. That failure has led to some minor pressure in the early morning trade. If the Bulls are able to chew through that pocket on a closing basis, we could see it spark additional buying activity with little resistance in the way until you get closer to the psychologically significant $7.00 level. Bias: Neutral/Bullish Previous Session Bias: Neutral Resistance: 694-700***, 706-713 1/4**** Pivot: 676-680 Support: 657 1/4-661****, 636-639***
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