Corn and Soybeans Recover Ground and Resume the UptrendSoybeans and corn are ready to visit new highs in the days to come. Wet weather and concern about the health of the harvest are pushing prices up.
Soybeans and corn are trading in recovery mode on Tuesday after getting rejections at highs. Now both grains are trading positive on the day, and they seem ready to reach further highs, especially after the latest national crop report in the United States.
Monday crop update showed that corn in the United States is at 92% planted and soybeans being 77%. Progress, but not at all as farmers are worried about the health of the harvest in the next months.
The market is now focused on emerging process and Tuesday’s National crop and weather report that will be released later on the day.
The concerns are again about wet weather that can expose emerging grains to damage or even the coming summer with grains not ready to suffer hot temperatures.
Agriculture commodities report for June 18
Soybeans trade above 9.000 for the first time since March as the grains advances for the fifth day in a row. The unit is now testing the 9.200 area after rising 0.70% on the day.
Corn recovers ground after getting a rejection at 4.600 on Monday, and it found support at 4.380. It is now trading above 4.500 per bushel with technical studies signaling more gains in the short and middle term.
Wheat, on the other hand, is extending losses from 5.450, Monday’s peak, and it is now testing the 5.200 level.
Sugar is retracing for the second day in a row as the pair was unable to break above the 0.1270 area. It is now testing 0.1250 and heading toward 0.1240, previous strong resistance that now would act as support.
Coffee broke below the 90.00 level as it extended losses for the third day until it found support at the 97.00. However, it is now fighting to recover some ground with the unit recovering 0.36% on the day at 98.00.
Soybeans ready to break above the 9.200 key level
Prices of soybeans are advancing for the fifth day in a row as investors are digesting crop and emerging reports and the end of the planting season.
Soybeans are now trading in the sense of consolidation after jumping to 9.160, its highest level since February 25, and then moving back to the 9.000 area. It is now trading 0.30% positive in the day at 9.100.
Experts are forecasting higher prices in the middle term amid concerns about the health of the harvest and problems with global soybeans supply.
Technical conditions for the unit are favorable as it is suggesting more room for the upside. Above the 9.200 area, investors will find resistances at 9.350 and 9.600.