Grain Express

Posted: June 9, 2023, 8:08 a.m.

Corn

Technicals (July)

  • July corn futures continue to flutter around our pivot pocket, 606-608.  Today may be the day that we get the market to move one way or the other.  Upside risk above 615 3/4 comes in from 625-634.  Downside risk below 591 1/2 comes in from 577-581.  Our bias has been Neutral for much of the week, siting great short term opportunities for traders on both sides of the market.  That bias remains intact today, but more so for the reason that we could make the case for either direction from these price points.

 

Bias: Neutral

Previous Session Bias: Neutral

Resistance:  615 3/4**, 625-634****

Pivot: 606-608 

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

ZCN2023_2023-06-09_06-20-23

Soybeans 

Technicals (July)

  • July beans have been the source of strength this week.  The Bulls will want to defend 1345-1350 through today's trade.  The hurdle they want to get out above comes in from 1383-1388.  A failure to defend the pivot pocket could trigger technical selling that takes prices back near $13.00.

 

Bias: Neutral

Previous Session Bias: Neutral

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

Pivot: 1345-1350

Support:  1299-1310***, 1265-1270** 

ZSN2023_2023-06-09_06-20-40

Wheat

Technicals (July)

  • Wheat continues to threaten trendline resistance.  Will today's report be enough to trigger a move higher that so many have been looking for, or will it be another failed rally attempt?  Stay tuned.  

 

Bias: Bullish

Previous Session Bias: Bullish

Resistance:  648-655***, 665-669***

Pivot: 625-630

Support: 600-605****, 590-595** 

ZWN2023_2023-06-09_06-20-52-2

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Grains Soybeans Corn Wheat

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