Fundamentals: December corn futures finished yesterdays session little changed, trading in a relatively narrow range. Export sales came in at 363,700 metric tons (old/new crop). Attention has turned back to weather and crop development as crop tours start to hit the road.
Technicals: Yesterdays tight trading range leaves the technical landscape little changed. The slow bleed lower does little to help the chart, typically you want to see a springboard or capitulation type of trade off of very oversold levels. The lack of a pop indicates that there could be more of a drop. Contract lows are on our radar, that comes in at 363 . A relief rally is likely, but it will likely be kept as just relief until we see consecutive closes above technical resistance, 392 is the line in the sand we are watching closely.
Previous Session Bias: Neutral
Resistance: 381**, 392 ***, 405-407**
Support: 363 ***
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Corn, Soybeans, Wheat, Cattle, Hogs
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