July corn had a rough day, closing down 8 ¾ cents at $4.44 ½. Weather continues to be fairly favorable on the 6-10, however, there are areas across the Plaines that have been getting too much moisture. Corn Export inspections came in at 38.9 million bushels which is on the low end of expectations. Yesterday’s crop progress showed a 74% good/excellent rating which is down from 76% the previous week. Although there was a down tick, we are still on pace for a great year. Traders will use this week to tighten up positions ahead of next Mondays USDA report. July Corn could not hold the 448-450 level as the market is seeing further liquidation this morning trading to an early low of 440-6.
Resistance – 448-450**, 456-4*, 465-468**, 472-4***
Support –434-438*, 421-6***
July soybeans had a volatile session to start the week, trading up 18 ½ cents then turning red, only to finish up 9 cents at $14.24 ¾. Yesterday’s reports showed 95% of the crop planted and 90% emerged. 72% of the crop is rated at good to excellent which is a slight down tick from last week’s 73%. Export inspections came in at 2.3 million bushels which is below the anticipated 2.8-6.4. The July/Nov. spread traded in a 13 ¾ cent range on the session, this ahead of next week’s USDA report which traders are eager to see. July Soybeans traded to an high of 1434-4 yesterday and failed short of the major 1441-6 level. The market is down more than 10 cents early this morning after closing nearly 10cents from the highs this yesterday and back below 1429. Look for support at 1408-4-1410, but a close below here will likely cause further liquidation.
Resistance – 1429*, 1441-6***, 1452*, 1460-4-1462-4***
Pivot – 1417-4-1419
Support –1408-4-1410**, 1384-1388**, 1342-1348-6***, 1304**
July wheat in Chicago traded lower by 5 ½ cents, settling at $5.79 ¾. Export inspections were 21.4 million bushels which is above what most traders were looking for. Crop progress that was released yesterday showed a 30% good/excellent rating for the winter wheat crop and 71% for spring wheat. Rain across the Midwest has delayed harvest in some areas, none the less we are now we are 33% of the way through winter wheat harvest which is ahead of the five year average of 31%. July traded to a lower high for the third straight session reaching 593 and short of major resistance at the 594-4 level. The market has traded to new swing lows of 574-2 but is finding support today early at 571-2-572-2 level; a close below here though will signal lower price action and a likely test to the January/February lows at 557-2.
Resistance – 594-4**, 603-605**, 610-4-616**, 625-2**
Support – 571-2-572-2**, 557-2***