On Tuesday, July Chicago Board of Trade corn hit the contract low of $3.46 that was seen on October 1. This is a major support level as it represents the low. Any trade through this level could see further declines. Corn saw a slight increase this week but could not trade through resistance at the 40-day moving average. Any large gains are probably out of the question until after the June 30 stocks report. Resistance currently lies at the 40-day moving average $3.60 and higher at $3.67. Support is at the contract low of $3.46.
Wheat is currently playing a weather game and has declined all week due to occurrences of rain events across the US. Prices traded through the 40-day moving average support on Monday and continued to decline. Initial support lies at $4.95 and other support lies at $4.85. Resistance lies at about $5.20 with the 10, 20, and 40-day moving averages all converging at that point. Long-term resistance lies at $5.53.