Fundamentals: December corn futures were lower to start the week and are seeing some follow-through selling in the early morning trade. Export disruptions likely playing a role in some of the negative price action. Some are also attributing weekend rains as a catalyst, but we aren’t putting a lot of weight on that. Yesterday’s Crop Progress report showed Good/Excellent ratings at 60%, unchanged from last week and just 2% below where we were at last year at this time. 9% of the crop is mature, in line with the 5-year average, 10%.
Technicals: December corn futures failed to get out above our pivot-pocket/resistance, which we have defined as 551 ½-555 ½. This pocket represents the breakdown point from the previous week, the 100-day moving average, a key Fibonacci retracement, and other previously important price points. This has opened the door for a potential retest of support from 527 ½-532 ¼. A break and close below this pocket would likely accelerate the selling towards the July 9th lows, 507............Click this link to read the FULL report and receive our daily commentary
Bias: Bearish/Neutral Previous Session Bias: Neutral/Bearish
Resistance: 561 ¼-563 ½**, 569 ¼-573 ½***, 588 ½-594 ¼*** Pivot: 551 ½-555 ½ Support: 527 ½-532 ¼**, 507-514 ¼**** Soybeans (November)