Corn and soybean futures prices firm overnight following the weekly crop progress report, which showed a bigger decline in conditions than expected.
Grain markets will be closed on Wednesday in observance of Juneteenth
July options expiration is Friday. If you are in July grain futures, you may consider exiting or rolling before the weekend.
We were on RFD-TV yesterday morning with Scott the Cow Guy, sharing our thoughts on the grain and livestock markets.
Check out!
Corn
Technicals (July) July corn futures got beat up in the first trading day of the shortened week but have found some minor relief overnight following the weekly Crop Progress report. That report showed Good/Excellent conditions for the U.S. corn crop declined 2% to 74%, expectations were for a drop of 1%. Notable decline in Illinois to the tune of 9%. Our pivot pocket from 448-451 is the pocket the Bulls will want to get back out above. With options expiration on Friday and first notice day next week, the shot clock is winding down. As mentioned yesterday, with a lot of open interest in the 450 puts and calls, we could see that price point have a gravitational pull to it into the end of the week.
- Bias: Neutral
- Resistance: 460 1/4-463 1/2, 471-475 1/2*
- Pivot: 448-451
- Support: 444 1/4, 433-436**
Soybeans
Technicals (July) July soybeans broke below support from 1170-1175 which accelerated the selling pressure in yesterday’s trade, taking prices within arm’s reach of the low end of the year’s range. 1140-1145 represents that lower end, which we feel also represents a decent risk/reward opportunity to the buy-side. Now with that said, the shot clock on July futures is winding down so you may consider a contract with more time at a corresponding price point.
- Bias: Neutral
- Resistance: 1199 1/2-1204, 1220-1225
- Pivot: 1170-1175
- Support: 1140-1145****
Wheat
Want to keep reading?
Subscribe to our daily Grain Express for daily insights into Soybeans, Wheat, and Corn technicals, including our proprietary trading levels, and actionable market bias.
Sign Up for Free Futures Market Research – Blue Line Futures