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Tech Guy Friday update for 12:30 CDT 7/8/22

December Corn tested the top of the gap yesterday between 606-608. This morning on the 8:30 CDT open corn traded up through 606, which is the top of the gap - then it traded up to 610.75 and came back to 606 where buyers were found again and trade went up to 621.25.


This behavior has confirmed the exhaustion gap on the charts. This means we should be at the beginning of a 2 week rally until Friday, July 22 - initial target again is 680.


November Beans is currently trading at 1392 - the exact price of the top of the gap. The intraday charts (30 min, 15 min, etc.) are consistently marking higher highs (strength). This indicates that the most likely scenario is for beans to close very near or above this gap - confirming the exhaustion for beans.


We are entering the most volatile and critical few weeks of trade. Depending on the 6-10 day Sunday forecast, Sunday night/Monday's trade could gap higher.


This forecast has been trending more bullish of late so the better odds are higher for Monday - but, I'm not a clairvoyant. Initial target = 1510, until July 22. If it gets above 1510 before this date, we can stick with it, depending on chart data then.