Traders Await New News from the USDA

Grain markets continue to consolidate ahead of tomorrow’s monthly WASDE report.

Corn

Technicals (May)
With the market continuing to consolidate within our risk range, there’s not a lot to update you on.

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 8k contracts (through 4/2/24), that puts their net short position at 259,556.

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.

Continue reading the full article: https://bluelinefutures.com/2024/04/10/traders-await-new-news-from-the-usda/

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