Old Crop (futures month, change, settle price)
New Crop (futures month, change, settle price)
Choppy trade continued Monday, with all three making sharp drops after a firm close on Friday. The drop comes ahead of likely improved crop condition ratings for corn and beans in this afternoon’s crop progress report, as well as favorable extended forecasts for developing crops. Temperatures will be more moderate than the extreme heat seen over the weekend along with some scattered showers in the Midwest.
Corn fell lower within its short term downward trend while the longer term trend has turned sideways. December corn looks set to test support around the gap back at 420. Next key support would be the 100 day at 411’7. Minor resistance is the 20 day at 441’4, with major resistance around 465-473.
November soybeans fell back from resistance at the 200 day moving average at 924’4 having failed to break that mark on the Friday. The 100 day at 907 was also broken Monday at the close. Support is around the gap at 885.
Chicago wheat led losses after sharply retreating from key resistance at the 200 day at 513’2 on the September chart. Key support is the 100 day at 486’2. Next support would be around 475, then the contract low at 427’2.
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