• Oliver Sloup

Buy The Dip?

Corn (July)


Fundamentals: We saw a wild floor open yesterday as Bloomberg reported Chinese cancellations, the USDA has yet to confirm that. This morning’s weekly export sales report showed net sales of 555,900 MT for 2020/2021 were up noticeably from the previous week and from the prior 4-week average. For 2021/2022, net sales of 5,691,300 MT primarily for China (5,644,000 MT).


Technicals: The bearish head and shoulders pattern continued to play out yesterday morning, with prices breaking down near our next support level, $6.00, which is technically land psychologically significant. Previous support now becomes resistance, we see that as 637-641 ½. The Bear camp remains in control until we see consecutive closes back above this pocket..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Soybeans (July)


Fundamentals: Soybeans got hit hard early yesterday but managed to recover majority of those early morning losses. This morning’s weekly export sales report showed net sales of 55,900 MT for 2020/2021 were down 34 percent from the previous week and 65 percent from the prior 4-week average. For 2021/2022, net sales of 248,300 MT were reported.


Technicals: For the last week we have been talking about “significant support down into the 1490’s”, but the inability to “springboard” off this support is a bit of a caution flag in the near term. After such a big pullback, you would expect to see buyers ready willing and able to buy. Lingering prices would indicate that that is not the case and could instead trigger additional long liquidation..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


Chicago Wheat (July)


Fundamentals: This morning’s weekly export sales report showed Net sales of 29,500 metric tons (MT) for 2020/2021 were down 76 percent from the previous week and 58 percent from the prior 4-week average. For 2021/2022, net sales of 373,800 MT were reported.


Technicals: Chicago wheat futures are rebounding in the early morning trade (finally) after trading lower for 11 of the last 13 sessions. We remain Bearish, but continue to welcome a relief rally, as we have been recommending shorts cover portions of their position near these levels. If you are bullish and want to be long wheat, there is a defined risk trade here to the buy-side..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:

Resistance:

Pivot:

Support:


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