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Corn
Technicals (December)
December corn futures made new highs for the move on Friday but reversed to finish roughly 10 cents off the high. That bearish reversal hasn’t materialized into much weakness to start the week as we’ve seen corn trade on both sides of unchanged in the overnight and early morning session. First support comes in from 401-403 3/4, this is what we would view as a “must hold” pocket for the Bulls. A break and close below there could start to neutralize some of the work that has been done over the last two weeks. On the resistance side of things, 413 1/2-416 is the first big hurdle. A move out above there and se could see another wave of short covering propel prices into the mid-420s.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 413 1/2-416, 421 3/4-423 3/4*
Pivot: 409
Support: 401-403 3/4, 380-385
Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 60,500 futures/options contracts through September 3rd. This trims their net short position down to about188k contracts, the smallest net short since May 28th.
Soybeans
Technicals (November)
November traded into our secondary resistance pocket (1031 3/4-1035) but fizzled out and reversed back lower, taking prices back to first support by the close, 1000-1006 1/2. This pocket will be key to start this week’s trade, a break and close below here could reignite technical selling pressure with little support until 984 3/4-991.
Short Term Bias and Technical Levels of Importance
Bias: Neutral/Bullish
Resistance: 1023-1024 1/2, 1031 3/4-1035
Pivot: 1013-1018
Support: 1000-1006 1/2, 984 3/4-991, 950-955 1/4*
Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of roughly 21k futures/options contracts through September 3rd, nearly all of which was short covering. That trims the Managed Money net short position down to 146,570, the smallest net long position since the end of June.
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