Fundamentals: May corn futures are threatening the psychologically significant $6.00 handle and contract highs (6.01 ½). Spillover strength from beans coupled with cold weather through the US seems to be a consensus headline. Yesterday’s planting progress report showed the US corn crop is 8% planted, a notch below expectations, but far from concerning. Weekly export inspections came in at 1,525,000 metric tons, within the range of expectations.
Technicals: Technical resistance is being tested in the early morning trade, again. We have defined that as 595-602. A breakout above this pocket puts us back into uncharted territory, which makes the task of finding meaningful technical resistance more of a fool’s errand. May options expiration is Friday, this could keep a lid on the market towards the end of the week.........Click this link to read the FULL report and receive our daily commentary