Technical Analysis: June 19

Corn

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.

July Chicago Board of Trad Corn

Wheat

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.

July Kansas City Wheat

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