Grain Express

Corn (July)

Fundamentals: May corn futures manage to rally yesterday, we are attributing that to end of the month position squaring and the May contract going into delivery, something we expected and wrote about in the previous reports this week. We believe the fundamental headwinds will keep a lid on upside mobility in the near term and would be looking to be short over the weekend. It is officially “weather season” and that means you can start to expect gaps on the Sunday night open, higher or lower. With the current forecast, fundamental landscape, and bearish chart, we would lean towards the short side.