Corn Consolidates Ahead of USDA Report
Corn
Fundamentals: Corn futures have traded both sides of unchanged in the overnight and early morning session as prices consolidate ahead of end of month, end of quarter, and all-important USDA report. The range of estimates for acres comes in from 88.4-91.0 million. In March the USDA was at 89.5. The average estimate for US corn stocks as of June 1 is 4.345 billion bushels. In last year’s report we were at 4.111.
Technicals (September): Consolidation is the name of the game as we inch closer to the highly anticipated USDA report. With the market chopping around and not really going anywhere, many of our support and resistance levels remain unchanged. Resistance levels come in near 680ish and more significantly 700ish. The upper end would be a retracement of last week’s secondary breakdown point and represents the 100-day moving average, not to mention the psychological significance. On the support side, 645-652 ½ is the pocket the Bulls want to defend.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 678 ¼-684 ½**, 697-701****
Support: 645-652 ½****, 624-630****, 589 ¼***
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