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Fundamentals: Corn futures traded in a 17 ¼ cent range last week and were able to finish 3 ¼ cents higher for the week ending December 17th. Friday’s Commitments of Traders report showed Managed Money holding a net long position of 345,980 futures/options, an increase of 13,480 from the previous week. This is a huge position, pre-covid times this would be a sign that the market is overcrowded, but with increased position limits, the funds have been defending their massive net long position for an extended period of time.
Technicals: Not much has changed on the technical landscape over the last few weeks, so we apologize for sounding redundant, but we’ve got to trade the market we have, not the one we want. On the resistance side of things, 593 ½-599 ¾ remains intact, along with our Bearish bias against that pocket. A breakout and close above would Neutralize our bias and likely put the Bulls back in the driver’s seat. Our pivot pocket comes near 580, a break and close below here opens the door for a