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MNI China Daily Summary: Thursday, August 1

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MNI: US Q2 PREL UNIT LABOR COSTS +0.9% VS Q1 +3.8%; Y/Y +0.5%

MNI: US JOBLESS CLAIMS +14K TO 249K IN JUL 27 WK

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(H2) Trend Structure Remains Bullish

CORN TECHS
  • RES 4: $663.25 - 3.00 proj of the Sep 10 - Oct 4 - 13 price swing
  • RES 3: $650.00 - Round number resistance
  • RES 2: $644.56 - 2.618 proj of the Sep 10 - Oct 4 - 13 price swing
  • RES 1: $642.50 - High Jan 31 and the bull trigger
  • PRICE: $635.75 @ 13:44 GMT Feb 9
  • SUP 1: $610.25 - Low Feb 3
  • SUP 2: $604.56/584.75 - 50-day EMA / Low Jan 3
  • SUP 3: $562.50 - Low Nov 3.0 and a key support
  • SUP 4: $557.50 - Low Nov 9

Corn futures are unchanged. The contract remains in a clear uptrend and short-term pullbacks are considered corrective. The contract traded higher early last week reinforcing bullish conditions. Price has recently cleared the late December high of $617.75, highlighting a resumption of the uptrend that maintains a bullish price sequence of higher highs and higher lows. The focus is on $644.56, a Fibonacci projection. Key support is at $584.75, Jan 3 low.

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