📉 Morning Ag Futures Technical Outlook – July 9, 2025
Grain futures are under pressure across the board. The technical landscape has shifted bearish with key support levels breaking and trendlines failing. Below is a contract-by-contract breakdown of chart structure and current price behavior.
🌽 September Corn (ZCU25)
September corn has officially broken below the critical $4.00 level, printing a recent low of 397-6. Price has sliced through prior support without hesitation. Momentum is firmly negative with no clear demand zones nearby. The next chart-based support sits near 393-0, followed by the psychological 390 line. Moving averages are diverging lower, and no reversal candle is visible. Bears are in control until 401 is reclaimed.
🌽 December Corn (ZCZ25)
December corn is tracking just above major structural support at 413-0. The contract has faded sharply from its early July high near 440. There is no bullish divergence or volume spike to suggest a turn. If 413 breaks decisively, look for 408-0 and 403-4 to act as downside targets. The market remains in a clean descending channel with sellers maintaining control beneath 418.
🌱 November Soybeans (ZSX25)
ZSX25 has declined nearly 50 cents off recent highs, forming a consistent sequence of lower highs and lower lows. The current price of 1015-4 is resting right on horizontal support. A break lower exposes 1000, followed by the March swing low near 985. Trendline resistance caps the market near 1029. There is no sign of reversal yet — watch for failed new lows or bullish engulfing setups before expecting any bounce.
🌾 Chicago Wheat (ZWU25)
Chicago wheat remains rangebound. Price is oscillating between 545 and 552, forming a tight coil with no clear direction. Volume is declining, and volatility has compressed. Traders should watch for a decisive break out of this range. A downside resolution puts 538 in focus; an upside breakout targets 560. Until then, this is a low-conviction chop.
🌾 Minneapolis Wheat (MWU25)
MWU25 is showing gradual erosion with price hovering near 6.310. Support at 6.275 is the last nearby line before an air pocket opens toward 6.15. Volume on the recent decline is picking up. A close above 6.38 is needed to break the short-term downtrend. Until then, lower lows remain the default assumption.
🔍 Summary
- ZCU25: Trading below $4.00 with next support at 393. No reversal signs.
- ZCZ25: Heavy chart; watching 413 for possible breakdown.
- ZSX25: Sitting on key support at 1015; risk of drop to 1000–985.
- ZWU25: Coiling in a 7-cent range. Await breakout from 545–552.
- MWU25: Eroding slowly; watch 6.275 for acceleration lower.
Charts and levels reflect conditions as of early Wednesday, July 9, 2025. For strategy guidance, hedging structures, or to review current open positions, contact your Paradigm Futures advisor.
