Grain Markets Attempt to Recover

Farming - shutterstock_691064668


Technicals (May)
May corn futures continued to break lower in yesterday’s trade, erasing all of the gains from last week’s USDA report. In our eyes, this represents a decent risk/reward trade to the upside with good support near 421-422. A break and close below that pocket would negate that bias as it could open the door for additional technical selling pressure towards the February lows. The first hurdle for the Bulls to overcome is the mid 430’s, above that is the upper end of the range near 444. A breakout above that pocket could spark a bigger move to the upside.

Bias: Neutral/Bullish

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 9k contracts (through 3/26/24), that puts their net short position at 251,730.
4.1.24 CORN COTDET_000033

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.

4.1.24 ZCZ24_builder_97633_0_20035


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