Corn Futures Catch Their Breath Before Their Next Move.

Fundamentals: This morning’s weekly export sales report showed net sales of 185,800 MT for 2021/2022 were up 23 percent from the previous week, but down 52 percent from the prior 4-week average. Net sales of 48,700 MT for 2022/2023
Technicals (July): Corn futures took a breather yesterday, trading in a relatively narrow range, keeping technical levels intact from yesterday’s commentary. 729-733 has been a meaningful support pocket for us coming into this week’s trade, it is now acting as a pivot pocket as it has become a battleground area for the Bulls and Bears over the last two sessions. A failure to defend this pocket could spark additional long liquidation. With that said, we wouldn’t be surprised to see some relief come into the market first, with the objective being a retracement of the breakdown point from Wednesday, 747-753.
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 747-753****, 769-773***, 789 ½-790 ½**, 800-803 ¾**
Support: 729-733**, 714-720 ½****