Corn and Soybeans Give Up Sunday Night Gains
Corn
Technicals (May)
May corn futures were able to defend 4-star support in Friday's trade which may have helped aid relief back towards our pivot pocket from 441 3/4-444 1/2. If the Bulls can chew through and close above this pocket, we could see prices continue to towards the psychologically and technically significant 450 level. This level represents previous support from January and a breakdown point from the first week of February.
Bias: Bullish
Resistance: 447 1/2-450****
Pivot: 441 3/4-444 1/2
Support: 431 1/2-433 1/4*, 421-422
Fundamental Notes
- With nearly all of Brazil's second crop corn in the ground, weather will be monitored closely.
- As we inch into spring, weather will have increasingly importance.
- Fund Positioning
- Friday’s Commitment of Traders report showed that Funds were net buyers of roughly 40.8k futures/options contracts, 37.5k of that being short covering. That trims their net short position to 255,928 contracts. For those wondering where prices are when Funds were that short on the way down, May corn was at 453 3/4 and Dec was at 477 1/4.
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. Though we believe we can see prices firm from these levels, we would urge Producers to temper the expectations, given the current balance sheet.
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