Corn & Soybean Futures remain volatile on changing weather forecast.
Posted: July 5, 2023, 12:23 p.m.
CornTechnicals (December)December corn futures attempted to stage a recovery rally on Monday but failed to hold that strength into the close, ultimately closing the session in negative territory. Monday's Crop Progress report showed Good/Excellent conditions rose 1% to 51%, less of an improvement than expected but solid gains in states like Illinois and Iowa, which saw improvements in G/E ratings of 10% and 5%. Our short-term bias shifts to slightly Bullish, or cautiously optimistic. The bears have full control of the chart, but the market seems prime for some relief. The Bulls want to defend 485-490 and more importantly see a close above Monday's high. Bias: Neutral/Bullish Previous Session Bias: Neutral 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)November soybeans saw a continuation of Friday's rally on Monday, but finished the session well off the highs of the day which keeps resistance from 1400-1405 intact. Monday's Crop Progress report showed Good/Excellent conditions at 50%, this was a 1% decline despite improvements in 5%+ in all the "i-states". Our bias remains Neutral following the 4th of July holiday. The rest of the week's price action could be more telling in market direction over the intermediate term.
Bias: Neutral Previous Session Bias: Neutral
Resistance: 1400-1405***, 1427 3/4*** Support: 1340-1350****, 1333 1/4**, 1291-1300*** |
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