Corn Finally Finds Footing — Four Straight Days of Gains. Is the Low In?

Oliver Slobe provides a technical analysis of agricultural markets. Corn shows a four-day winning streak but needs to clear key resistance at 4.51-4.52 to open upside towards 4.60. Soybeans rallied on China buying rumors, with resistance at 1160-1165. Wheat found support at the 200-day moving average and could rally to 650. Live cattle broke out above the 50-day moving average, approaching resistance at 251. Lean hogs have a large managed money short position (25,000 contracts net short), creating potential for a sharp short-covering rally if a catalyst emerges.

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Corn Finally Finds Footing — Four Straight Days of Gains. Is the Low In?

Corn (CBOT)

Corn → 4.6
Soybeans → 11.65
Wheat → 6.5
Lean hogs → 98

Oliver Slobe

Corn futures have posted four consecutive days of gains, the longest winning streak since mid-May, but still need to clear technical resistance levels before a low can be confirmed.

Key resistance is at 4.51-4.52 (Fibonacci retracement, breakdown point from June 5th). If cleared, next target is 4.60 (next Fibonacci level, 20-day moving average).
Oliver Slobe

Soybeans rallied on rumors of China buying US soybeans, closing above the 100-day moving average.

Resistance at 1160-1165 without confirmation. If China buying is confirmed, a breakout above that level is possible.
Oliver Slobe

Wheat found support at the 200-day moving average multiple times and has rallied above the 100-day moving average.

Next target is 650 (50-day moving average and breakdown point).
Oliver Slobe

August live cattle broke out above the 50-day moving average and the top of the recent range, accelerating upward momentum towards April highs.

Resistance at 251.60-251 is a big barrier. For those with physical risk who missed selling at 250, this is a rare second chance to add downside protection.
Oliver Slobe

Feeder cattle may have more upside towards 370-375, which has been a brick wall resistance level.

If holding physical risk, 370-375 is a good opportunity to look at downside protection.
Oliver Slobe

Lean hogs had the highest close in two weeks, but need follow-through to confirm the rally is not another failed attempt.

Managed money is net short 25,000 contracts (75,000 on the short side). This large short position creates potential for a sharp short-covering rally if a catalyst emerges. Next upside target is 98 (20-day moving average), then potentially 100.

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