Corn Futures Hold Steady Ahead of This Week's USDA Report
Corn
Technicals (July)
July corn futures had a bit of a wonky trade last week, falling under heavy pressure in the first half but staging an impressive rally on Thursday to negate those losses, only to fall flat on Friday against our pivot pocket from 448-451. This pocket will be the first hurdle for the Bulls to overcome in this week's trade, representing previously important price points as well as the 50 (red line on chart) and 100 (blue line on chart) day moving averages. If the Bulls can chew through and close above this pocket it could spark another wave of short covering into Wednesday's USDA report. The next upside target comes in from 460 1/4-163 1/2.
Friday's Commitment of Traders report showed (as assumed) Funds were heavy sellers through June 4th, selling roughly 80k futures and options contracts, expanding their net short position to 212,706. 69.5k of that was on the short side while just about 9.7k of that was long liquidation.
Bias: Neutral/Bullish
Resistance: 460 1/4-463 1/2***
Pivot: 448-451
Support: 444 1/4**, 433-436****
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