Corn closed higher to start the week with the July contract closing 8-½ cents higher. Crop progress was in line with our expectations at 29% which still lags the 5 year average of 42%. The weather looks good for the next few days and will give farmers an opportunity to get out there and get corn in the ground. The states that are struggling with unfavorable weather are Michigan, Minnesota, Ohio, North Dakota. Inspections today were at 48.8 million bushels which is well above the needed amount to meet the USDA projections. We do have some big reports at the end of the week which include crop production and WASDE. Traders will be positioning themselves all week ahead of these reports. July Corn is slightly lower early this session but holding above the 500-502-6 support; look for a continued close above this level to keep the market in a loose uptrend.
Resistance –513**, 517-519-4*, 525-2**, 532-2***
Support –500-502-6**, 495-496-4*, 490-6***, 480**, 474-6***, 465-468**
Soybeans opened Sunday night higher, before retreating back to the red and closing down 7-½ cents at $14.63 ¼ for the July contract. Crop progress was lower than the expectations, it came in at 5% vs. the expected 7-11% and the 5 year average of 11%. There is still plenty of time to get beans in the field so the concerns at this point remain minimal. Traders will be looking forward to Friday’s USDA report. Inspections today were at 3.7 million bushels which is down from last week’s 9.3. Soybeans are getting hit hard this morning as they are trading well below major support at 1460-4-1462-4; only a close back above here will neutralize the selloff, but the uptrend appears to be broken.
Resistance –1454*, 1462-4-1460-4***, 1473-4-1476*, 1483**, 1497-1500***
Support –1444-4**, 1433-4**, 1426-4**, 1394-4**
Resistance –724-6-725-2**, 740-2-741-6*, 748-6**, 795-4***
Support –718-4*, 708-4*, 698-700***, 684-687-4**, 672-4-674-2**, 661-663-6***