Fundamentals: December corn futures had an impressive run to start last week’s trade, ending with a healthy pullback off technical resistance. All eyes this week will be on Thursday’s WASDE report, we will have estimates in the coming days. Money flow has been constructive for the better part of the last month, Friday’s Commitment of Traders report showed funds bought back nearly 34,000 contracts, trimming their net short position to 126,174 contracts. Weather is still a concern for some northern areas. Crop progress will be out this afternoon, estimates are for corn to be 17% harvested.
Technicals: The technical landscape remains....Sign up for your FREE two-week trial!
Fundamentals: November soybean futures rallied on the back of a friendly report last week, keeping the trend of positive money flow intact. Friday’s Commitment of Traders report showed funds bought back nearly 33,000 contracts, trimming their net short position to 8,730 contracts. All eyes this week will be on Thursday’s WASDE report, we will have estimates in the coming days. Crop progress will be out after the close, expectations are for harvest to be 13% complete.
Technicals: The market ran up to our resistance pocket....Sign up for your FREE two-week trial!
Chicago Wheat (December)
Fundamentals: Chicago wheat futures were little changed from the previous week as the market looks for new news. Potentially that comes this week with Thursday’s WASDE report, we will have estimates out in the coming days. Friday’s Commitment of Traders report showed funds sold 2,753 contracts, expanding their net short position to 21,514 contracts. On the Kansas City contract, funds bought 3,417 contracts, trimming their net short position to 32,780.
Technicals: The market was technically sound last week, trading between our support and resistance pockets, keeping those levels intact for this week’s trade. We have defined first technical support as....
Kansas City Wheat (December)
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