Trial now
US TSYS

Tight Start

FOREX

AUD Catches Light Bid Ahead Of Aussie CPI

RBA

Semi-Government Bond Purchase Offer Details

AUSSIE BONDS

ACGB Apr-24 Under Pressure

JGBS

Futures Off Lows Overnight

(N1) Back Above $700.00

CORN TECHS
  • RES 4: $751.44 - 3.618 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 3: $743.63 - 3.50 proj of Jan 25 - Feb 9 - Feb 11 price swing
  • RES 2: $714.00/735.25 - High May 13 / High May 7
  • RES 1: $706.25 - Intraday high
  • PRICE: $701.00 @ 13:44 BST Jun 7
  • SUP 1: $652.75 - Low Jun 3
  • SUP 2: $602.75 - Low May 26 and key near-term support
  • SUP 3: $588.25 - Low Apr 21
  • SUP 4: $571.50 - Low Apr 16

Corn futures have started the week on a firm note, gapping higher at the open and pushing through resistance at 696.75, the Jun 1 high. This marks an extension of the recovery from $602.75, May 26 low. The recovery from the May 26 low meant that price failed to remain below the 50-day EMA - a bullish development and reinforces current conditions. This signals scope for a test of $735.25, the May 7 high and bull trigger. Key support is at $602.75.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com