Corn Futures Retreat
Corn
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 13,858 futures/options through June 14th. This expands their net long position to 278,185. Broken down that is 329,725 longs VS 51,540 shorts.
Technicals: Corn futures were sharply higher on Friday morning, but posted their high within the first minute of the “floor open”, which happened to be right at our first resistance point, 800. The rest of the day was steady selling, pressing prices into negative territory by the close. That weakness has spilled into the overnight and early morning trade, following a long weekend. The market has broken below the 50-day moving average which opens the door for a potential retest of significant support from 747-753
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 800-803 ¾**, 809-810 ¼***
Pivot: 789 ½-790
Support: 747-753****, 720-726 ½****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
Commitments of Traders Update: Friday’s CoT report showed Managed Money were net buyers of 13,858 futures/options through June 14th. This expands their net long position to 278,185. Broken down that is 329,725 longs VS 51,540 shorts.
Technicals: Corn futures were sharply higher on Friday morning, but posted their high within the first minute of the “floor open”, which happened to be right at our first resistance point, 800. The rest of the day was steady selling, pressing prices into negative territory by the close. That weakness has spilled into the overnight and early morning trade, following a long weekend. The market has broken below the 50-day moving average which opens the door for a potential retest of significant support from 747-753
Bias: Neutral/Bearish
Previous Session Bias: Neutral/Bearish
Resistance: 800-803 ¾**, 809-810 ¼***
Pivot: 789 ½-790
Support: 747-753****, 720-726 ½****
Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.
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