Corn
Fundamentals: Yesterday’s Crop Progress report showed that the U.S. corn crop is 94% planted, 1% ahead of expectations and 2% ahead of historical average trends. 78% of the crop has emerged with 73% being rated in good/excellent condition, 5% better than the average analyst estimate. Futures have brushed off the good conditions and are finding strength as concerns over dryer forecasts add back some premium to the markets.
Technicals: Corn futures opened last night lower but have found strength two cents above our first support and have rallied back into positive territory, taking prices back into our 4-star resistance pocket, 747-753. As mentioned in yesterday’s report “This is a pocket we would consider selling into as it provides a well-defined risk-reward setup, in our opinion.”. A break and close above resistance is your sign to take the L and look for another setup. Our next resistance pocket for July corn above 753 doesn’t come in until 769-773.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 747-753****, 769-773***, 789 ½-790 ½**, 800-803 ¾**
Support: 729-733**, 716-720 ½****
Fundamentals: Yesterday’s Crop Progress report showed that the U.S. corn crop is 94% planted, 1% ahead of expectations and 2% ahead of historical average trends. 78% of the crop has emerged with 73% being rated in good/excellent condition, 5% better than the average analyst estimate. Futures have brushed off the good conditions and are finding strength as concerns over dryer forecasts add back some premium to the markets.
Technicals: Corn futures opened last night lower but have found strength two cents above our first support and have rallied back into positive territory, taking prices back into our 4-star resistance pocket, 747-753. As mentioned in yesterday’s report “This is a pocket we would consider selling into as it provides a well-defined risk-reward setup, in our opinion.”. A break and close above resistance is your sign to take the L and look for another setup. Our next resistance pocket for July corn above 753 doesn’t come in until 769-773.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 747-753****, 769-773***, 789 ½-790 ½**, 800-803 ¾**
Support: 729-733**, 716-720 ½****
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.