Corn Tests Significant Resistance Corn
Seasonal Trends in Play: Short September corn from 6/13-7/27. This has been profitable for 13 of the last 15 years with the average gain being roughly 33 cents, or $1,650 per one 5,000-bushel contract.
Fundamentals: This morning’s weekly export sales report showed net sales of 140,900 MT for 2021/2022--a marketing-year low--were down 50 percent from the previous week and 45 percent from the prior 4-week average. Net sales of 138,900 MT were reported for 2022/2023
Technicals: Corn futures are marching higher in the early morning trade, taking prices back to the top end of the recent range. A breakout and close above here could spur another run back at and above the psychologically significant $8.00 marker.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 789 ½-790 ½**, 800-803 ¾**, 809-810 ¼***
Pivot: 776-778
Support: 769-773 ½**, 747-753****, 720-726 ½****
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