Watch us on RFD-TV, today at 12:45 PM CT! Corn (May)
Fundamentals: Corn futures continued to surge higher yesterday as momentum and renewed optimism propelled prices to levels not seen in several years. Weather concerns, strong demand, and an overall bullish grain complex continues to encourage the strong fund-flow on the buy side, which has in turn squeezed shorts ahead of first notice day. With options expiration tomorrow we came into the week thinking that there would be a ceiling near $6.00, but the market had other plans. It has been an exciting week and we expect that to continue. Today’s export sales report showed Net sales of 387,500 MT for 2020/2021 were up 18 percent from the previous week, but down 75 percent from the prior 4-week average. For 2021/2022, net sales of 29,500 MT were reported.
Technicals: In yesterday’s report we left our resistance levels blank and if you have been reading what we have written over the last few months you know why and yesterday you saw why. We are in uncharted territory which can create an emotional momentum trade that renders technicals useless. We also look at charts as a roadmap of previous interaction between buyers and sellers, we do not have that when we are at new highs. Sure, you can use continuous charts and Fibonacci extensions, but that’s typically as clear as mud..........Click this link to read the FULL report and receive our daily commentary
Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish
Resistance: Pivot: 595-602 Support: 584 ½-587 ¾****, 559-564 ¼*** Soybeans (May)