Grain Farmers of Ontario analyst Marty Hibbs says it's going to be an uphill battle to get the corn market to move above the 4 dollar highs of April 21st.
His weekly market commentary has support at $3.50, resistance at $4 on the July Chicago futures.
Hibbs' short-term indicators are positive, weeklies neutral to bullish and the long term trend is still down.
The GFO analyst calls this week's soybean market move impressive.
However, he still has the main trend down, so suggest it should be viewed as a selling opportunity until we see a confirmation of a trend reversal.
Hibbs has the short term soybean market indicators bullish, but the long term trend is still down.
And the commentary expects to see a another test of the $4.40 level in the wheat market.
Hibbs believes failure to find support and closing below this level on the July contract could push prices down to the $4.25 to $4.00 levels.
The GFO commentary has overhead resistance for wheat at the $5.20 to $5.40 level with all indicators remaining negative.
