Grain & Cotton Express

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Corn (March)

Fundamentals: March corn futures were little changed yesterday, with little new news hitting the wires. Due to the Holiday on Monday, export sales are pushed back to tomorrow morning. As noted for the last week, we believe option expiration will continue to keep a lid on the market at 390, where majority of the open interest is.

Technicals: We wish we had something new to say, but the market is sideways which leaves levels and our overall thesis intact. As mentioned in the fundamental section, we believe option expiration will keep a lid on the market going into tomorrow. However, once we get through option expiration, we feel we could see the market chew through resistance. If this plays out with conviction/volume, we could see that trigger a bigger short covering rally, potentially taking us back above the psychologically $4.00 handle.