|Corn CBOT||Sep||4.00||↓ 22 cents|
|Soybeans CBOT||Sep||8.69||↑ 27 cents|
|Wheat CBOT||Sep||4.87||↓ 10 cents|
|Wheat Minn.||Sep||5.19||↓ 03 cents|
|Wheat Kansas||Sep||4.23||↓ 17 cents|
|Oats CBOT||Sep||2.56||↓ 08 cents|
|Canadian $||Sep||0.7601||↓ 0.20 points|
Corn has reached our initial support level at $4 as suggested in our last few commentaries. This is not a buy level but rather a temporary support which may see more downside before we start our next leg upwards. Next support level we see is around the $3.80 level on the September futures contract.
The weekly September futures charts show a flag formation that projects upward towards the $5 – $5.20 price target if the $4 support level holds.
Good support is seen at $3.80 – $4 on the September futures.
The primary trend for corn is neutral to bullish.
Soybeans continue to be range-bound and continue to trade between $8.40 and $9.25 levels on the September futures.
Overhead resistance is still pegged at the $9.35 – $9.50 level on the front month contract, while support is seen at the $8.40 level.
A close above the $9.50 level is required to alter the technical on our charts. Such a move would ignite an extended move to the upside.
Indicators are still mixed, and the primary trend is still down.
We continue our corrective phase on the September wheat futures since our June 27 highs, as we mentioned in the last several commentaries. I continue to see good support at the $4.70 level on the daily chart and there is a very good chance we will see it tested before we get a reversal in the short-term indicators and a resulting bounce in prices.
Overhead resistance on September remains at the recent highs of $5.50 – $5.60, while support is pegged at $4.70 – $4.80 on the September futures.
Indicators are positive with a primary trend that is neutral to bullish.
Harvest 2019 prices as of the close,July
31, 2019 are as follows:
SWW @ $252.28/MT ($6.87/bu), HRW @ $261.94/MT ($7.13/bu),
HRS @ $236.33/MT ($6.43/bu), SRW @ $249.86/MT ($6.80/bu).