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****
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.
Thông báo miễn trừ trách nhiệm
Thông tin và ấn phẩm không có nghĩa là và không cấu thành, tài chính, đầu tư, kinh doanh, hoặc các loại lời khuyên hoặc khuyến nghị khác được cung cấp hoặc xác nhận bởi TradingView. Đọc thêm trong Điều khoản sử dụng.