Watch us on RFD-TV, today at 12:45 PM CT! Corn (March)
Fundamentals: This morning’s weekly export sales report showed net sales of 7,436,500 MT for 2020/2021--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average. Keep in mind that this is data from exporters for the period from January 22-28th, so it is not necessarily hot off the presses.
Technicals: March Corn futures tested and held our first support pocket yesterday; we have had that defined as 536 ½-541 ½. The market then rallied to finish above our pivot pocket which cleared the path to print new contract highs in the early morning trade, 558. With prices at new contract highs, we are back in “uncharted territory”, which makes the task of finding meaningful technical resistance a fool’s errand. We look at charts as a roadmap of previous interaction between buyers and sellers, we do not have that at new contract highs. You can use continuous charts but would take them with a grain of salt.........Click this link to read the FULL report and receive our daily commentary
Previous Session Bias: