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December corn futures have been nothing more than a stick in the mud over the last two months as market participants search for a fundamental catalyst for the next directional move (other than sideways). We do have a USDA report this week that could be that catalyst, that comes out on Thursday at 11am cst. We will have our estimates out early in the week so be sure to look for our morning reports. On the technical side of things, we remain neutral and have been tempted to move that to bullish. We are remaining patient for a technical close above a key resistance pocket from 351 ¼-355 ¼. If we can achieve a close above the top end in this week’s trade, we could see funds start to cover their large net short position. Fridays commitment of trader’s report showed that funds are net short 202,736 contracts (Futures & Options), this is an increase of 28,369 contracts from the previous week. Keep in mind that this data is compiled by the CFTC through Tuesday and does not account for short covering we saw on Wednesday and Thursday.
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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.