Tidbits, Market Action & New Highs, Deliveries & Basis, Iranian War Deadline 5/2/26
- Wright team
- May 2
- 5 min read
Tidbits
July corn traded above major technical resistance at $4.80 yesterday to $4.83½ and settled at $4.80¼. December corn finally traded above $5.00 to make a high of $5.01¾ and then settled at $4.98¾, up 4½ on the day. November beans made a new high for the second consecutive day trading to $11.84½ and settling at $11.82¾, up 9¾¢. It is technically friendly that both settled, not only higher on the day after making new highs but also much closer to the high than the low.
The July contracts of both winter wheats settled a penny higher, but well off the high for the day and more than 20¢ below Wednesday contract high. Note that both contracts settled near the low on Wednesday after making new highs. In fact, July soft red settled down 4¾¢ on Wednesday and within a fraction of the low for the day.
The point is that where a market settles after making new highs is technically significant. During the 2012 drought, December corn made its high at $8.49 on 10 August, then settled at $8.09¼, down 14½ and just 2¢ above the low that same day. Corn was in a down trend for two years and two months after that day even though multiple ag economists with Ph.D. degrees said in August of 2012 corn would never trade below $6 again.
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