Good morning! Two-sided overnight trade in corn while soybeans and wheat gapped slightly lower from Tuesday’s close. Corn and soybeans traded within the lower half yesterday’s range, while wheats set new lows for the week. Fund buying seems to have stalled with funds heavy sellers in corn yesterday.
Rains are moving across the major growing areas. Moisture continues to slow field work, while others welcome the moisture.
Pres. Trump is optimistic a deal with China will be made. Low level discussions are beginning today and both presidents will meet at the G20 summit June 28-29 in Japan. The Fed’s meeting concludes today. The trade will be looking for indications about when rate cuts may be coming.
Have a great and safe day!
Corn: 5 ½ carry.
Soybeans: 13 ½ carry.
July corn: Next resistance 469 and beyond. First support at 424 ¼.
December corn: Next resistance at the contract high at 473. Short term support at 454.
July soybeans: Next resistance 925 ¾ – 931 ½. Next support at 864 ½
November soybeans: next resistance at 940 ¼, then 946 ½ to 960-970. Support at 888.