Grain Express

Corn (December)

Fundamentals: Money flow continues to be the dominant theme in the grain complex as funds continue to build and defend their long position, which is aggressively long for this time of year. Yesterday’s Crop Progress report showed that 60% of the U.S. corn crop is harvested, with a good/excellent rating (for those keeping score) of 61%.

Technicals: December corn futures started the week on higher ground, marking a new high close for the move. With that said, we trade below the previous session low for the first time since October 2nd, perhaps this is a sign that we are nearing a top. Our pivot pocket is the inflection point we are watching, 400-405. This pocket is technically and psychologically significant. A break and close below could start to trigger some long liquidation/profit-taking. First resistance remains intact, we see that as 410-411 ¼. The RSI (r