Corn closed down 4 1/2 cents for the week but importantly bounced off of the $3.00 area again without significant chart damage. July corn is now top step and 309 is the contract low from last week to watch. The longer term weekly chart shown here puts things in perspective and while $3.00 is a major psychological level we can see that actually $2.90 is the major long-term support point for the post-2008 and post-ethanol era.
Soybeans bounced this week, closing up a dime in the July futures.
Wheat finished the week mixed, with Hard Red Winter wheat unch, Soft Red Winter Wheat down 14 cents, and Hard Red Spring Wheat caught in between–down 6 1/2 cents. Freeze damage and below normal precipitation in the southern plains continue to support HRW values relative to HRS and SRW.
Have a great weekend!