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Market Report

Tuesday July 3rd, 2018

September corn closed up 5 ¾ at $3.52 ¾ and December closed up 6 at $3.65. August soybeans closed down 5 ¼ at $8.48 ¼ and November closed down 5 ¼ at $8.64 ¼. September wheat closed up 10 ½ at $4.90 ¾ and July 19 closed up 8 ¼ at $5.37 ¾.

Ag markets will have a hard open on Thursday at 9:30 am.

Tuesday Quick re-cap

Corn gapped higher from Monday’s close and extended gains after the break.  Weather is generally good, but lots of water in SW MN again.  We’ll likely see some concern over pollination weather that calls for above normal temps and below normal precip for the next two weeks.  Inside day on the charts.

Beans struggled again today after the break, inching closer at mid-morning to the June 19th spike lows, which were also contract lows.  New contract lows were indeed set: August at $8.46 ¾ and $8.63 in November. Decent weather and the looming tariffs with China keep buyers on the sidelines.

Wheat gapped higher from Monday’s close and extended the bounce into the shortened session.  Shrinking wheat production in Europe and position evening lent support.

Weekly export sales report will be released on Friday.

US wheat is competitive for exports.

US dollar index was lower today, energies narrowly mixed.

Estimated fund activity today:

Corn bought 6,000

Beans sold 5,000

Meal sold 1,000

Soyoil sold 1,000

Wheat bought 6,000

September corn: a new contract low Monday at $3.46 ¾, with next support under that at $3.35 ¼. First resistance at the 10-day MA at $3.59 ¼, then last week’s high at $3.68 ½. December corn: new contract low Monday at $3.58 ½, then into the $3.30’s. First resistance at the 10-day MA at $3.71, then $3.83 ½.

August soybeans: First support is the new contract low at $8.46 ¾, air beneath it. Heading to $7.76 from the continuous 2208 chart.  First resistance at $8.73 ¾, then $9.04 ¼. August beans have closed unchanged to lower for 7 consecutive sessions. November soybeans: contract low set a new contract low at $8.63, air beneath it. Resistance at $8.89 ¾, then $9.00.

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