Corn futures were able to stage a nice rally off last week’s lows. July futures were the leader in today’s trade, finishing the day 9 ¾ cents higher to 587 ¼. This was right in line with our daily Grain Express which was sent out to clients before the open, stating that if the Bulls can defend 569-572, “it could warrant an extension of the recovering rally, with the next objective for the Bulls being 586-588.”.
Soybeans were less exciting than corn after severe whiplash in the first two days of the week. Significant support remains intact from 1299-1310, we discussed this being a pocket of value in last Wednesday’s episode of the 2-Minute Drill. The market failed against our resistance levels to start the week (1345-1348), which has the market drifting in space. That Support pocket from 1299-1310 is still significant, but there was more conviction on the first and second test, a third one could be enough to break it down.
Wheat continues to be a thorn in our side. July Chicago wheat futures gave back yesterday’s gains, trading 16 cents lower today to settle at 606 ¼. The Bulls want to defend this week’s low as well as the psychologically significant $6.00 handle.
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