In case you missed it.. Markets Catch Their Breath After a Volatile Start to the Week

Grain and livestock markets have been relatively quiet in today's trade as they look to catch their breath from a volatile start to the month and quarter. What's next?

Corn

Technicals (May)
May corn futures are continuing their move back to the 20 and 50 day moving averages this morning which keeps the thesis of a bear-trap intact and a retest of the top end of the range just a stone's throw away. If the market is able to achieve a close above 441 3/4-444 1/2 we could see it spark a bigger relief rally with the next upside objective coming in near 460 which represents previously important price points and the 100-day moving average. Potentially aiding to some early morning strength is concerns of escalation between Russia/Ukraine, coupled with the fact that we are entering the weekend too.

Bias: Bullish/Neutral

Resistance: 441 3/4-444 1/2, 447 1/2-450*

Pivot: 431 1/2-435

Support: 421-422***

Fund Positioning

• Friday’s Commitment of Traders report showed that Funds were net sellers of about 9k contracts (through 3/26/24), that puts their net short position at 251,730.

Seasonal Trends

(Past performance is not necessarily indicative of future results)

• Below is a look at price averages for December corn, using the 5, 10, 15, 20, and 30 year averages.

Continue Reading the rest of the article to learn more about Wheat and Soybeans here: https://bluelinefutures.com/2024/04/05/grain-futures-gain-ground-2/

Connect with Oliver Sloup here: https://bluelinefutures.com/2023-signup/?utm_source=Oliver-Sloup-Barchart  

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