Corn
Technicals (May)
May corn futures are fractionally lower in the early morning trade as prices linger near our pivot pocket from 431 1/2-435, which just happens to be right near the middle of first support and first resistance. We like the upside potential in corn but some of the deferred contracts have a more friendly technical landscape than the May.
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.
Soybeans
Technicals (May)
May soybean futures are fractionally higher in the early morning trade. Support from 1170-1175 will continue to be very important for the Bulls to defend through this week's trade. A break and close below could spark another wave of pressure. On the resistance side of things, they want to see a close above resistance from 1198-1205 1/2.
Bias: Neutral/Bullish
Resistance: 1198-1205 1/2, 1212 3/4-1216
Pivot: 1187
Support: 1170-1175, 1161-1167*
Fund Positioning
Friday's Commitment of Traders report showed Funds were net sellers of roughly 3.5k contracts, trimming their net short position to 138,256 contracts.
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.
Continue Reading the full article at: A Quiet Morning in Grain Markets - Blue Line Futures
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