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July Corn closed down 2 1/4-cents at 3.53 3/4.

July corn closed lower on Tuesday as it extended the decline off May's high. Early-session trading saw July collapse to a new contract low triggered by additional bearish news regarding the trade war with China. However, a short covering rally ahead of the close tempered most of today's losses. The high-range close sets the stage for a steady to higher opening when Wednesday'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 May's high, monthly support crossing at 3.35 1/2 is the next downside target. Closes above the 10-day moving average crossing at 3.68 3/4 are needed to temper the near-term bearish outlook. First resistance is the 10-day moving average crossing at 3.68 3/4. Second resistance is the 20-day moving average crossing at 3.82 1/2. First support is today's low crossing at 3.38 3/4 Second support is monthly support crossing at 3.35 1/2.

July wheat closed down 10-cents at 4.80.

July wheat closed lower on Tuesday as it extended this week's decline, The mid-range close sets the stage for a steady to lower opening when Wednesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below this year's uptrend line would confirm that the decline off May's high has likely turned into a major downtrend. Closes above the 20-day moving average crossing at 5.18 1/4 are needed to confirm that a low has been posted. First resistance is the 50-day moving average crossing at 5.08. Second resistance is the 20-day moving average crossing at 5.18 1/4. First support is this year's uptrend line crossing near 4.79 1/2. Second support is April's low crossing at 4.59.

July Kansas City Wheat closed down 16 1/2-cents at 4.8.

July Kansas City wheat closed lower on Tuesday as it extends the decline off May's high. The mid-range close sets the stage for a steady to lower opening on Wednesday. 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 May's high, January's low crossing at 4.50 1/4. Closes above the 20-day moving average crossing at 5.35 1/2 would confirm that a short-term low has been posted. First resistance is the 20-day moving average crossing at 5.35 1/2. Second resistance is last-Wednesday's high crossing at 5.88. First support is today's low crossing at 4.71 3/4. Second support is January's low crossing at 4.50 1/4.

July Minneapolis wheat closed down 14 1/4-cents at 5.49 1/2.

July Minneapolis wheat closed lower on Tuesday as it extends the decline off May's high. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 aforementioned decline, monthly support crossing at 5.15 1/4 is the next downside target. Closes above the 10-day moving average crossing at 5.81 1/2 would confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 5.81 1/2. Second resistance is the 20-day moving average crossing at 6.00 3/4. First support is today's low crossing at 5.41 3/4. Second support is monthly support crossing at 5.15 1/2.

SOYBEAN COMPLEX? 

July soybeans closed down 19 1/4-cents at 8.89 1/4.

July soybeans closed lower on Tuesday as it extends the decline off March's high. However, a short covering rally ahead of the close tempered early-session losses and the high-range close sets the stage for a steady to higher opening when Wednesday'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 May's high, the March-2009 low crossing at 8.38 1/4 is the next downside target. Closes above the 10-day moving average crossing at 9.40 3/4 would confirm that a low has been posted. First resistance is the 10-day moving average crossing at 9.40 3/4. Second resistance is the 20-day moving average crossing at 9.82 3/4. First support is today's low crossing at 8.41 1/2. Second support is the March-2009 low crossing at 8.38 1/4.

July soybean meal closed down $0.10 at 335.40.

July soybean meal closed slightly lower on Tuesday after trading sharply lower during the session. The high-range close sets the stage for a steady to higher opening when Wednesday'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 May's high, January's low crossing at 317.00 is the next downside target. Closes above the 20-day moving average crossing at 362.40 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 348.80. Second resistance is the 20-day moving average crossing at 362.40. First support is today's low crossing at 320.30. Second support is January's low crossing at 317.00.

July soybean oil closed down 68-point. At 28.89.

July soybean oil closed sharply lower on Tuesday but well off session lows. The mid-range close sets the stage for a steady to higher opening when Wednesday'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 May's high, the November-2015 low crossing at 26.99 is the next downside target. Closes above the 20-day moving average crossing at 30.67 are needed to confirm that a short-term low has been posted. First resistance is the 10-day moving average crossing at 30.04. Second resistance is the 20-day moving average crossing at 30.67. First support is today's low crossing at 27.79. Second support is the November-2015 crossing at 26.99.

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