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GRAINS

July Corn closed unchanged at 3.91 3/4.

July corn closed unchanged on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off April's low, the 25% retracement level of the 2014-2016-decline crossing at 4.10 1/4 is the next upside target. Closes below the 20-day moving average crossing at 3.79 are needed to confirm that a short-term top has been posted. First resistance is April's high crossing at 4.07 1/4. Second resistance is the 25% retracement level of the 2014-2016-decline crossing at 4.10 1/4. First support is the 20-day moving average crossing at 3.79. Second support is the reaction low crossing at 3.58 3/4.

July wheat closed down 3/4-cents at 4.87 3/4.

July wheat closed fractionally lower on Monday. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are turning neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off April's low, the 25% retracement level of the 2014-2016-decline crossing at 5.20 is the next upside target. Closes below last Monday's low crossing at 4.368 1/2 would confirm that a short-term top has been posted while opening the door for additional weakness near-term. First resistance is the 25% retracement level of the 2014-2016-decline crossing at 5.20. Second resistance is November's high crossing at 5.34 1/4. First support is last Monday's low crossing at 4.68 1/2. Second support is April's low crossing at 4.53.

July Kansas City Wheat closed down 4 1/4-cents at 4.74 1/4.

July Kansas City wheat closed lower on Monday and the mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July renews the decline off April's high, April's low crossing at 4.52 3/4 is the next downside target. If July renews the rally off April's low, December's high crossing at 5.16 1/4 is the next upside target. First resistance is April's high crossing at 5.09 1/4. Second resistance is December's high crossing at 5.16 1/4. First support is last Monday's low crossing at 4.56 3/4. Second support is April's low crossing at 4.42 1/2.

July Minneapolis wheat closed up 1 3/4-cents at 5.48 3/4.

July Minneapolis wheat closed higher on Monday. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bullish signaling that sideways to higher prices are possible near-term. If July renews the rally off March's low, last October's high crossing at 5.71 1/2 is the next upside target. Closes below the reaction low crossing at 5.25 3/4 would confirm that a short-top has been posted. First resistance is the 38% retracement level of the 2015-decline crossing at 5.60 3/4. Second resistance is last October's high crossing at 5.71 1/2. First support is the reaction low crossing at 5.25 3/4. Second support is April's low crossing at 5.17 3/4.

SOYBEAN COMPLEX? 

July soybeans closed up 14 3/4-cents at 10.44 1/2.

July soybeans closed higher on Monday as it extends the rally off March's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off March's low, the 50% retracement level of the 2013-2015-decline crossing at 10.62 3/4 is the next upside target. Closes below the 20-day moving average crossing at 9.80 would confirm that a short-term top has been posted. First resistance is last Thursday's high crossing at 10.46 1/4. Second resistance is the 62% retracement level of the May-October-decline crossing at 10.62 3/4. First support is the 10-day moving average crossing at 10.20 1/2. Second support is the 20-day moving average crossing at 9.80.

July soybean meal closed up $12.70 at 347.50.

July soybean meal closed higher on Monday and above the 62% retracement level of the 2014-2016-decline crossing at 342.10 as it extends the rally off February's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends the rally off February's low, the 75% retracement level of the 2014-2016-decline crossing at 359.30 is the next upside target. Closes below the 20-day moving average crossing at 305.10 would confirm that a short-term top has been posted. First resistance is today's high crossing at 347.80. Second resistance is the 75% retracement level of the 2014-2016-decline crossing at 359.30. First support is the 10-day moving average crossing at 326.20. Second support is the 20-day moving average crossing at 305.10.

July soybean oil closed down 61-pts. at 32.53.

July soybean oil closed sharply lower on Monday as it extends the decline off April's high. The low-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off April's high, the 38% retracement level of the August-April-rally crossing at 32.05 is the next downside target. Closes above the 20-day moving average crossing at 34.08 would temper the near-term bearish outlook. First resistance is the 20-day moving average crossing at 34.08. Second resistance is April's high crossing at 35.43. First support is today's low crossing at 32.43. Second support is the 38% retracement level of the August-April-rally crossing at 32.05.

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