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Corn and soybean futures rallied sharply on Thursday but failed to hold gains overnight and in early Friday trade. July corn erased nearly five days of losses and closed near its high, while July soybeans held support and pushed toward a pivot zone.
Analysts described the rally as either a relief bounce or the start of a larger move.
Failure to follow through after the rally suggests technical resistance may cap prices unless bulls defend key support levels.
bluelinefutures.comBlueLineFuturesJun 7, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
