Grain Express

Posted: June 25, 2021, 3:40 p.m.

Corn (July)

Fundamentals: July options expiration is today, which could help keep the July futures relatively in check, while deferred contracts could see wider trading ranges. With July options expiring today, you will probably want to consider rolling your futures, if you have not already. Weather looks to be improving and comparisons to 2012 seem to be dwindling. Of course, there are always haves and have nots, that is they way it goes this time of year. We continue to anticipate gaps on Sunday night, which way is dependent on weather and forecasts, so be sure to manage risk ahead of the weekend. Next week’s USDA report has historically been wrapped in volatility; we are expecting that to remain on trend. We will have estimates out over the weekend.

Technicals: July corn futures retreated to and held technical support yesterday, we have defined that as 645 ¾-651 ¼. That pocket remains intact but is being tested again in the early morning trade. Our focus will shift to December futures starting next week. Yesterday’s price action was very encouraging, testing and holding trendline support and the 100-day moving average at 5.17, resembling the reversal from May 26th.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 661 ¾-667****, 687 ¾-693**

Support: 645 ¾-651 ¼***, 629 ½-633**

Corn (July)

Fundamentals: July options expiration is today, which could help keep the July futures relatively in check, while deferred contracts could see wider trading ranges. With July options expiring today, you will probably want to consider rolling your futures, if you have not already. Weather looks to be improving and comparisons to 2012 seem to be dwindling. Of course, there are always haves and have nots, that is they way it goes this time of year. We continue to anticipate gaps on Sunday night, which way is dependent on weather and forecasts, so be sure to manage risk ahead of the weekend. Next week’s USDA report has historically been wrapped in volatility; we are expecting that to remain on trend. We will have estimates out over the weekend.

Technicals: July corn futures retreated to and held technical support yesterday, we have defined that as 645 ¾-651 ¼. That pocket remains intact but is being tested again in the early morning trade. Our focus will shift to December futures starting next week. Yesterday’s price action was very encouraging, testing and holding trendline support and the 100-day moving average at 5.17, resembling the reversal from May 26th.

Bias: Neutral

Previous Session Bias: Neutral

Resistance: 661 ¾-667****, 687 ¾-693**

Support: 645 ¾-651 ¼***, 629 ½-633**

Chicago Wheat (July)

Technicals: Chicago wheat is looking softer, posting lower highs, and threatening to make lower lows (for the move). Significant support comes in from 637 ¼-639 ½. A break and close below this pocket would likely open the floodgates. A close back above 668 ½-672 ¾ would neutralize our bias.

Bias: Bearish/Neutral

Previous Session Bias: Bearish/Neutral

Resistance: 668 ½-672 ¾***, 700-708 ¾**, 720**

Support: 637 ¼-639 ½***, 615-620**

Grains Soybeans Corn Wheat

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