Reuters estimates Funds were net sellers of 53,500 corn contracts since last Wednesday. If realized hat would drop the Managed Money net long to about 158k contracts of corn. I think we'll take the under on that one. We will find out in Friday afternoons Commitment of Traders report update.Â
TechnicalsJuly Corn July corn futures have not been able to latch on to any support for the last two weeks. 438 1/4 is the next spot to watch, below that, 428 1/2-433 1/2. If the market can catch hold, a 10-15 cent relief rally wouldn't be out of the question, but it would be just that, relief. The market really started to breakdown below the 100 and 200 day moving averages, 455-458. That will now act as a pretty significant resistance pocket. Technical Levels of Importance (July futures)
December Corn Like July corn, December corn has been taken to the woodshed over the last few weeks. Yesterday's close below the 200-day moving average was the first time that we've seen that since February. That will now act as the first hurdle to stabilize above to start neutralizing the damage that has been done to the chart. That comes in at 468 1/2. Above that and we'd be eyeing 473 1/2-475 1/2. If the Bulls fail to find their footing, 451-453 1/4 would still be in play. July Soybeans July soybeans gave way yesterday, which opened the door for technical pressure to our 4-star support pocket, 1168-1172. The market closed below there by a touch yesterday but is trying to defend it in the early morning trade. A failure to hold ground near here keeps the sellers in control. Next support comes in near 1156 3/4, below that and there's some more air on the chart. We've been leaning on the old crop soybeans with a more bearish bias, and that remains intact until we see closes back above resistance. If you don't have a position on here, and you have a similar bias, you may want to be a little patient for better pricing, eyeing the 1180 area, which algins with our pivot pocket. Technical Levels of Importance
November Soybeans November soybeans has been our bright spot, but now we have a series of lower highs and now lower lows as prices trade below trendline support yesterday and overnight.  It's not an all out bearish chart setup, but it's certainly softening.  The market is attempting to hold ground here, thanks to some strength in bean oil, but the Bulls still have their work cutout for them. July Wheat July wheat futures kissed the 100-day moving average in the overnight trade, right at 597. This falls right inline with our first support pocket, 596-600. The market is attempting to trade higher off that, but we need to see confirmation through participation on during the regular trading hours. If this can hold, relief towards 620-622 3/4 would not be out of the question, but it might be just that' relief. A failure at first support and there's potentially another 25 cents of air in relatively short order. Technical Levels of Importance
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