July Corn Last week we noted the correlation breakdown between corn and crude oil. Yesterday, many were wishing that correlation was still intact (including us). Crude oil rallied as much as 8% while corn was trading lower through the day. First support remains intact from yesterday's report, 438 1/4. Below that is more significant support from 428 1/2-433 1/2. On the flipside, the Bulls have some work to do. Old support from 448 1/2-451 will now be the hurdle they want to get out above. Technical Levels of Importance
December Corn December corn continued to slide lower, but is clinging on to support levels better than the old crop contract. Yesterday we discussed 465 1/2-469 1/4 as being the next downside target. That has so far held. A failure here and the selling could snowball. On the resistance side of things, 475-477 is the level the Bulls want to get back out above.
July Soybeans July soybeans leaked lower yesterday after failing to find their footing. That leak continues into the early morning trade with prices approaching the May 15th lows, 1172 1/4. Below that is the 100-day moving average, 1168. This will act as an important pocket for Bulls to defend. A failure here and the selling could start to accelerate. Technical Levels of Importance
November Soybeans November soybeans continue to fare a little better than old crop contracts, but lower highs remain a concern. Below 1175 would be lower lows, below that is the May 15th low of 1167. Below that and the party might be over baring any potential weather hiccup or China showing up in size. On the flipside, a close back above 1199-1200 opens the door back up for a run to the contract highs that were posted less than a month ago, 1214.
July Wheat July wheat futures are approaching the technically and psychologically significant $6.00 level, which coincides with where the 100-day moving average is coming in at. If the Bulls fail to hold ground here, 575-577 would not be out of the question. Rallies will likely be seen as relief rallies until we see consecutive closes back above our pivot pocket. Technical Levels of Importance
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