Fundamentals: December corn futures finished yesterday’s session down 2 ¼ cents, trading in a range of 3 ½ cents. Daily ranges have started to narrow as market participants search for new news. Market participants will continue to keep a close eye on weather as cooler temps work through the Midwest. The risk of an early frost still lingers in the back of our minds, but the market doesn’t seem too concerned. We will be watching today’s weekly EIA ethanol report, the trend has been lower for over a month which has been an added headwind to the corn market. Money flow and technicals have been weak which keeps the bears in the driver’s seat.
Technicals: Tighter daily ranges may come across as boring, but it may present more short-term trading opportunities. As far as support and resistance levels go, not much has changed in the last 24 hours. Technical support is being tested in the early morning trade, that comes in from 363 ¾-369. A break and close below here takes us into uncharted territory, leading us to use the less reliable continuous chart for the next support levels. On the resistance side of things, there’s not a lot until 381.
Previous Session Bias: Neutral/Bullish
Resistance: 381**, 392 ¾***, 405-407**
Support: 363 ¾-369***, 338 ¾-343**
Corn, Soybeans, Chicago Wheat, Kansas City Wheat
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