A Choppy Grain Trade
Oliver Sloup was on RFD-TV Monday morning to share his thoughts on the weakness in grains to start the week.
(18) Risk On - Risk Off, Repeat - YouTube
Corn
Technicals (May)
May corn futures continue to linger in between support and resistance, leaving those levels unchanged from yesterday's report. This environment is decent for shorter term opportunities, but anything longer than a day as of late has just been a sideways chop fest.
Bias: Bullish/Neutral
Resistance: 441 3/4-444 1/2, 447 1/2-450*
Pivot: 431 1/2-435
Support: 421-422***
Fund Positioning
- Friday’s Commitment of Traders report showed that Funds were net sellers of about 4k contracts (through 4/9/24), that puts their net short position at 263,554. Broken down that is 158,480 longs VS 422,034 shorts.
Seasonal Trends
(Past performance is not necessarily indicative of future results)
- Below is a look at price averages for December corn, using the 5, 10, 15, 20, and 30 year averages.
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