Will corn ever break out of its range?
Nov 05, 2017
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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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