All Eyes on This Week's Plantings Report
Corn
Technicals (May)
May corn futures are starting the week in similar fashion to how we traded much of last week, which is a choppy trade with little noteworthy changes. The 50-day moving average has kept a lid on things recently and will continue to be looked at as a pivot area, coming in near 442 this morning. If the Bulls can clear that hurdle, we could see it encourage additional upward momentum towards 447 1/2-450. On the flipside, support comes in near 435 which represents previous resistance, the recent low end of the range, and the 20-day moving average.
Bias: Bullish/Neutral
Resistance: 447 1/2-450****
Pivot: 441 3/4-444 1/2
Support: 431 1/2-435*, 421-422
Fundamental Notes
- Early estimates come in near 91.8 million acres of corn.
- Markets will be closed on Friday in observance of Good Friday.
Fund Positioning
- Friday’s Commitment of Traders report showed that Funds were net buyers of roughly 13k futures/options contracts, the bulk of that being short covering. That trims their net short position to 242,988 contracts. Broken down that is 171,123 longs VS 414,111 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. Though we believe we can see prices firm from these levels, we would urge Producers to temper the expectations, given the current balance sheet.
Continue Reading the full report at All Eyes on This Week's Plantings Report - Blue Line Futures
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