Are Corn Futures Prices Setting Up for a Rally Ahead of Wednesday’s WASDE Report?

Corn

Technicals (July)
Yesterday’s Crop Progress report showed good/excellent conditions dropping 1% to 74%, this was in line with expectations. Prices are steady to firm in the early morning trade with July futures revisiting Friday’s high. If the Bulls can continue to keep prices above 448-451 we could see that spill into short covering into tomorrow’s WASDE report with a potential upside target coming in closer to 460.

As we inch closer to the back half of June, producers may want to consider being more proactive on playing price defense if they haven’t done much yet. Our team is here to assist with potential hedge strategies.

• Bias: Neutral/Bullish
• Resistance: 460 1/4-463 1/2***
• Pivot: 448-451
• Support: 444 1/4, 433-436**

Soybeans

Technicals (July)
July soybean futures were higher to start the week but are failing to find follow-through through in the overnight and early morning trade. Support and resistance pockets remain intact from yesterday’s session. 1170-1175 is the pocket the Bulls need to defend, a failure there could accelerate selling pressure down towards 1140-1145. On the resistance side, 1199 1/2-1204 is the big hurdle for Bulls to overcome. That could spark a move into the mid 1220s. Yesterday’s Crop Progress report included the first condition ratings of the year for soybeans, which came in at 72% good/excellent, in-line with expectations.

• Bias: Neutral
• Resistance: 1220-1225, 1232 1/4-1236 3/4
• Pivot: 1199 1/2-1204
• Support: 1170-1175, 1140-1145*

Wheat

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