• Oliver Sloup

Grain Futures Rebound

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Corn (July)


Fundamentals: Yesterday’s weekly export inspections report came in at 1,707,000 metric tons, within the range of estimates. It was reported that China canceled 280,000 metric tons of corn for the 2020/2021 marketing year, but this was more than offset by export sales of 1,020,000 metric tons to China for 2021/2022. Yesterday’s weekly crop progress report showed the U.S. corn crop is 67% planted, in line with estimates and 15% ahead of the 5-year average. 20% of the crop is emerged, which is a notch above the 5-year average.


Technicals: Corn futures were sharply lower yesterday, which should not have been all that surprising. Not surprising in the sense that sharp pullbacks are to be expected, not in the sense that the timing was predictable. That weakness spilled into the overnight session but has turned back into positive territory, after defending our pivot pocket from 698-701 ½. A break and close below this pocket could spur additional long liquidation..........Click this link to read the FULL report and receive our daily commentary


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Soybeans (July)


Fundamentals: Yesterday’s weekly export inspections report came in at 237,000 metric tons, within the range of estimates. Yesterday’s weekly crop progress report showed the U.S. soybean crop is 42%% planted, 2% ahead of expectations, and 20% ahead of the 5-year average pace. 10% of the crop has emerged, 6% ahead of the 5-year average pace.


Technicals: July soybeans managed to hold their own yesterday and last night, testing and defending our pivot pocket which we had laid out as 1574 ¾-1577 ¾. Prices have rebounded nicely and now they are within striking distance of new contract highs and the psychologically significant $16.00 handle. A move above here puts us back in “uncharted territory”, which makes the task of finding the next meaningful resistance point extremely difficult..........Click this link to read the FULL report and receive our daily commentary


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Resistance:

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Chicago Wheat (July)


Technicals: July wheat futures got taken to the woodshed yesterday but have rebounded nicely in the early morning trade. Our pivot pocket from 746-753 ½ was the breakdown point, where the selling accelerated. This will now act as first resistance. A failure to get back out above this pocket with conviction could invite additional pressure into the market..........Click this link to read the FULL report and receive our daily commentary


Bias:

Previous Session Bias:


Resistance:

Pivot:

Support:


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