Tech Guy Weekend Update: Corn & Soybean Analysis 4/13/25

May and July Corn appear to be forming an inverted head & shoulders pattern on the daily charts. There should be some resistance or a pause in the 520-525 price area at the neckline region first, then a likely completion higher, later on. The rally from 442 to 489 gives us confidence that the right shoulder is formed. The final target of this pattern is the 625 region, probably some time in the timeframe of May in the July Corn contract. Here is the May Corn chart:

May and July Soybeans - the sharp rally last week from 969.50 to 1043.75 in May Beans gives us more confidence that a bottom formation has completing it's pattern which projects price to 1210. However, there is a big gap between 1114 and 1156, where some back and forth price movement is likely to occur. The first price target for the May is in the 1075-1080 neckline area.

Of course, there is no guarantee, but these charts and the price action suggest higher prices.

The USDA spends more money, by far, to collect crop and livestock production data than any other organization in the world. The purpose is to make sure the U.S. does not run out of any food or fiber commodity.

For more pertinent market news and fundamental grain information, sign-up for a 30 day, no cost, no obligation, no phone call subscription to Wright on the Market news sent to your email every day before you get out of bed. Click on "subscribe" at: https://www.wrightonthemarket.com/