Corn

Technicals (July)
Our 3-star technical resistance pocket was tested and was defended again, we've had that defined as 471-474 3/4 (yesterday's high: 472). What we said in yesterday's report still rings true this morning with regards to that resistance pocket: "If you've been long the market, this may be a spot to reduce exposure. If you need to hedge, this is a spot to look at. Keep in mind that we have a WASDE report. If you're in the camp that the short covering rally will continue, options are a great way to help manage risk. Feel free to reach out to our trade desk to discuss: (312) 278-0500. Part of the reason we encourage you to call the desk is because trading is not a one size fits all world. Everyone has different a different level of risk tolerance, time frame, objectives, etc.

Bias: Bullish/Neutral

Resistance: 471-474 3/4***

Pivot: 456 1/2-460 

Support: 448-451**, 441 3/4-444 1/2***

Soybeans

Technicals (July)
July soybean futures traded into but failed against our 3-star resistance pocket yesterday, which we outlined as 1252-1259 (yesterday's high: 1256 1/2). In yesterday's commentary we noted: "If you've been long the market (futures or physical), this may be a spot to reduce or hedge that exposure." We were looking at different options strategies yesterday for those who wanted to take action with that suggestion. As mentioned in the corn section, whether you're a client or not and you're reading these reports, we encourage you to call the trade desk to discuss strategies that might be suitable for you. The reason we encourage you to call the desk is because trading is not a one size fits all world. Everyone has different a different level of risk tolerance, time frame, objectives, etc.

Bias: Neutral/Bullish

Resistance: 1252-1259***, 1305 1/4-1311 3/4****

Pivot: 1220-1225 

Support:  1199 1/2-1204****, 1182 1/4-1186 1/4****

Wheat

Technicals (July)

Wheat futures are leading the way lower in the early morning trade after stalling and failing against our resistance pocket in yesterday's trade.  That has brought prices back near our pivot pocket from 635 1/4-639.  If the Bulls fail to defend this pocket on a closing basis we could see a continued retracement with the next support pocket coming in from 621 1/4-626 3/4.  

Bias: Neutral/Bullish

Resistance: 655-666****

Pivot: 635 1/4-639

Support:  621 1/4-626 3/4****, 590-595****

Check out this article: Grain Futures Prices Retreat - Blue Line Futures

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