Corn

Technicals (July)

• July corn futures continue to chop around near previous congestion areas.  We are in an environment where there are a lot of intraday opportunities for participants on both sides of the market.  As mentioned in yesterday's report, we have more of a bearish bias on the new crop contract and have been working with producers to put hedges on earlier in the week via short dated options.  Those short dated options get us through this week's USDA report and a few weeks of pivotal weather forecasts.  They also keep the upside open.  If you'd like to discuss this with our trade desk, call us: 312-278-0500.

Bias: Neutral

Previous Session Bias: Neutral

Resistance:  615 3/4**, 625-634****

Pivot: 606-608 

Support: 591 1/2**, 577-581***

Soybeans 

Technicals (July)

• July soybeans were able to firm yesterday which has led to some follow-through momentum in the early morning trade.  If the Bulls can continue to defend 1345-1350 it would keep the door open for a retest of 1383-1388, which was previous support and the breakdown point from May 16th.  On the new crop November side, we think we may be able to see more of a relief rally but would use that as an opportunity to hedge production if needed.  

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 1383-1388***, 1401-1411***

Pivot: 1345-1350

Support:  1299-1310***, 1265-1270** 

Wheat

Technicals (July)

• It's remains difficult to trust a rally in the wheat market.  Just two mornings ago it looked like we were finally going to slingshot back to the May highs, only to reverse and trade about 35 cents off those highs in yesterday's trade.  625-630 is the pocket the Bulls want to continue see consecutive closes above.  On the resistance side of things, 648-655 is the big hurdle that could open the door for another wave higher.  
   

Bias: Bullish

Previous Session Bias: Bullish

Resistance:  648-655***, 665-669***

Pivot: 625-630

Support: 600-605****, 590-595**