A Closer Look at the Corn Market
On Friday we moved our bias from Bullish/Neutral to outright Neutral, as the market traded into our first two resistance pockets which we defined in our morning reports as 595-601 and 606. In the chart below, you can see exactly how we derived those resistance levels. Needless to say, the market is at an inflection point, which should make for an interesting open following a long weekend. If you haven't yet, be sure to hit that subscribe button below to get our daily technical and fundamental commentary emailed to you.
When the market sold off aggressively in the middle of May we were fairly outspoken about the idea that the market can recover and enter into a bit of a holding pattern. Below is a look at the current year (black line) along with average price action for July corn for the next month (vertical green line to vertical redline). The averages are derived from 5, 10, 15, 20, and 30 year averages.
Below is an updated look at the weekly Commitment of Traders report.
Cooler and wetter weather around the corner?
Click the link below to take a look at the updated 6-10 day forecasts and see how it stacks up against the 8-14 day.
6-10 Day Weather Outlook VS 8-14 Day Outlook - Blue Line Futures
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