Has The Falling Knife Hit The Chopping Block?
Corn:
Support held near 440 on a closing basis.
Long-term support from the 2024 range remains intact.
Resistance is seen near 460 initially.
A friendly June 30 acreage report could open a move toward 470-480.
Weather during pollination remains the key July driver.
China demand would add additional upside potential.
Soybeans:
Soybeans exploded higher after holding the 200-day moving average.
Rumors of Chinese buying interest fueled the rally.
U.S. and Brazilian FOB values are now nearly equal for August forward sales.
Technical support near 1032-1034 continues to hold.
Initial resistance is projected near 1170-1174.
Demand optimism is beginning to return to the market.
Wheat:
Chicago wheat rallied on growing European weather concerns.
France, Spain, and Ukraine remain notably dry.
Heavy rains threaten SRW wheat quality in Missouri, Illinois, and Indiana.
Scab concerns are increasing due to wet field conditions.
Kansas City wheat lagged but maintained key support levels.
Seasonal weakness remains possible after June 22.
Cattle:
Live cattle surged through major resistance levels.
Choice box beef approached the $400 mark for the first time since last fall.
Cash market strength continues to pull futures higher.
Feeder cattle exploded through resistance and closed near session highs.
Seasonal trends remain supportive into early July.
Momentum remains firmly with the bulls.
Weather Outlook:
European wheat regions remain dry on both GFS and Euro models.
Heat risks are increasing across France and Spain.
Ukraine continues to miss meaningful rainfall.
Heavy rain persists across portions of the eastern Midwest.
Pollination weather will soon become the primary corn market focus.
Weather premium risks are beginning to build.
Overall:
Soybeans found strong technical support and rallied sharply on China demand rumors.
European dryness is supporting wheat prices despite seasonal headwinds.
Corn continues to stabilize while awaiting weather and acreage news.
Cattle remain the strongest market with cash and boxed beef leading higher.
Weather and demand have reclaimed control of market direction.
Traders now look toward pollination and the June 30 acreage report.
Provided by:
Eugene Graner,
Heartland Investor Capitol Management, Inc., CTA
(A separate entity from Heartland Investor Services)
Past performance is not indicative of future results. The information contained in this report is intended for informational purposes only and is the opinion of the writer and may change at any time. This information was compiled from sources believed to be reliable to Heartland Investor Capital Management, Inc. but accuracy cannot be and is not guaranteed. There is no warranty, expressed or implied, in regards to this information for any particular purpose. There is SIGNIFICANT RISK of LOSS involved in trading futures and / or options on futures and may not be suitable for all investors. Investors should consider these RISKS and evaluate their suitability based on their financial conditions. No one should ever consider trading futures or options on futures with anything other than RISK CAPITAL. NO LIABILITY on the part of the author exists for any trading loss you may incur in the use of this information. The information contained in this newsletter is privileged, confidential and protected from disclosure. Any further disclosure or use, distribution, dissemination or copying of this message or any attachment is strictly prohibited. Provided by Heartland Investor Capital Management, Inc. a registered CTA with the NFA, of which Eugene Graner is principal. This entity is a separate legal entity from the Introducing Broker Heartland Investor Services.