Corn and Soybeans Recover Ground and Resume the Uptrend

Soybeans 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.
Mauricio Carrillo
Corn and Soybeans Recover Ground and Resume the Uptrend
Corn and Soybeans Recover Ground and Resume the Uptrend

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

Soybeans prices daily chart June 18

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.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All

Top Promotions

Top Brokers

IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US