Corn, soybeans, and wheat are all lower in the early morning trade. These are the levels to keep an eye on in the last trading day of the week.
Corn
Technicals (December) December corn futures have traded higher for four straight days, the longest streak since May. On paper this is encouraging, but the last few days of price action has lacked excitement as we’ve have only narrowly taken out previous days ranges and then retreated off the highs. The first hurdle remains intact from 423-426, which represents this week’s highs as well as the highs from July 2nd and 5th. Above that and potentially it sparks a little more enthusiasm. On the support side of things, we see previous resistance from 413-416 1/2 as the line in the sand for Bulls to defend. Keep in mind that today is August options expiration (those options trade off September futures), which may play a role in price action. We mentioned earlier int he week that there’s the potential for the September contract to gravitate towards $4.00 into expiration.
Weekly Export Sales Highlights
Net sales of 331,400 MT (13,046,638 bushels) for 2023/2024 were down 24 percent from the previous week and 29 percent from the prior 4-week average. This was within the range of expectations.
Net sales of 745,200 MT (29,337,219 bushels) for 2024/2025. This was above the top end of expectations.
- Bias: Neutral/Bullish
- Resistance: 423-426, 430-434**
- Pivot: 413-416 1/2
- Support: 399-403**
Below is a daily chart of December corn futures
Soybeans
Technicals (November) November soybean futures are weaker in the overnight and early morning trade as prices continue to struggle against our resistance pocket from 1085 1/2-1087. The near-term failure could bring prices back to our support pocket which aligns with the low end of the range for the last three sessions, that comes in from 1061 1/2-1062 3/4.
Weekly Export Sales Highlights
Net sales of 88,600 MT (3,255,491 bushels) for 2023/2024 were down 61 percent from the previous week and 63 percent from the prior 4-week average. This was below the low end of expectations.
Net sales of 829,700 MT (30,486,247 bushels) for 2024/2025. This was above the top end of expectations.
- Bias: Neutral/Bullish
- Resistance: 1085 1/2-1087, 1099-1101**
- Pivot: 1061 1/2-1062 3/4
- Support: 1046-1050*, 1025-1031 3/4
Below is a daily chart of November soybean futures
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