From the daily chart of July Corn futures we see now that the 38.2% Fibonacci Retracement level of the Sept-March rally proved to be a near perfect support level. As we approach the 390 level look for a short term pullback before an initiative move up through 400 is made. Once 400 is achieved and held, a quick move to 420 should happen relatively quickly as there is little supply until 420-425.

Included is a quick update on the Ag Complex Relative Rotation Graph. Remember that those commodities in the top right quadrant are leading the CRB Index and continuing to gain momentum. Those in the bottom right quadrant are outperforming the CRB Index but momentum is starting to slow down. The bottom left quadrant includes those that are trailing the CRB Index and falling further behind, and those in the top left quadrant are trailing the CRB Index but are starting to gain momentum. In the coming week, I would expect to see Nat Gas futures outperform as well as live cattle. Look for soybeans to underperform relative to corn and wheat in the week ahead.

Corn

C2Spot (Cmdty) – 1 Week CandleStick Chart – USD

Sunday, May 21, 2017 – 2:48pm

1 Week Relative Rotation Graph™ Date: 5/12/2017 Benchmark: Thomson Reuters/Jefferies CRB Commodity Index

1 Week Relative Rotation Graph™ Date: 5/12/2017 Benchmark: Thomson Reuters/Jefferies CRB Commodity Index – TRJCRB (WI)

CORN JULY 2017

@C# (IQFeed) – 1 Day CandleStick Chart – USD — Data from IQFeed

Saturday, June 17, 2017 – 10:46am

Corn

C2Spot (Cmdty) – 1 Day CandleStick Chart – USD

Sunday, May 21, 2017 – 2:48pm