Corn

Technicals (July)
July corn futures were able to gain back most of the losses from Thursday and Friday, but that rally fell flat after crop progress showed 70% of the crop planted, which was 2% ahead of expectations and now just 1% behind the 5-year average pace. As mentioned, many times on many outlets over the last week, a rise in volatility during this time of year should be anything but unexpected. Overnight strength last week was faded, will overnight weakness be faded this week? The Bulls want to see our pivot pocket from 454 1/4-456 1/2 defended on a closing basis. A close back above 460 1/4-463 1/2 would open the door for a retest of the recent highs from 471-474 3/4.

Bias: Bullish/Neutral

Resistance: 460 1/4-463 1/2, 471-474 3/4, 483 1/2-486**

Pivot: 454 1/4-456 1/2

Support: 448-451**

Soybeans

Technicals (July)
July soybean futures had a nice run higher yesterday after staging a clean break above our pivot pocket from 1220-1225. 1232 1/4-1236 3/4 was first resistance yesterday, that will act as the new pivot pocket for today’s trade. The next upside target remains intact from 1252-1259. We remain optimistic based on the technical landscape.

Bias: Bullish/Neutral

Resistance: 1252-1259***

Pivot: 1232 1/4-1236 3/4

Support: 1220-1225, 1199 1/2-1204*

Wheat

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