Grain Markets Drift Lower

Corn

Technicals (May)
May corn futures had a strong close on Friday with the uncertainty of what could happen geopolitically over the weekend. The "worst case scenario" was avoided which has most markets trading in a calmer manner to start the week. Looking at the technical landscape, the market is still very rangebound with prices lingering near the middle of key support and resistance levels.

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.

Soybeans

Technicals (May)
May soybean futures had a strong close on Friday, finishing back at resistance from 1170-1175. An impressive showing considering prices traded down to 1151 in Thursday's trade. The Bulls want to see consecutive closes back above 1170-1175 to put the ball back in their court. A failure to do so could keep sellers active. If the Bulls can chew through first resistance, the next upside target would be from 1198-1205 1/2.

Bias: Neutral

Resistance: 1170-1175, 1198-1205 1/2, 1212 3/4-1216***

Pivot: 1161-1167

Support: 1150, 1128 1/2-1137**

Fund Positioning

• Friday's Commitment of Traders report showed Funds were net sellers of roughly 1k contracts, putting their net short position at 139,310 contracts. Broken down that is 54,057 longs VS 193,367 shorts.

Seasonal Trends

(Past performance is not necessarily indicative of future results)

• Below is a look at price averages for November soybeans, using the 5, 10, 15, 20, and 30 year averages.

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