Corn
Technicals (December)
December corn futures got taken to the woodshed on Friday, marking new lows for the move and marking the seventh consecutive down day. Friday’s Commitment of traders report showed Funds were net sellers of about 86k futures and options through June 25th, expanding their net short position to 277,666. After the continued slide, you could estimate funds are probably another 80k(ish) heavier on the short side. If realized, that would be enough to make it a new record net short position. The RSI is at 21.54, the lowest readings since marking a short term low in February. With hit being a holiday week, we would expect that volume to die down and for it to be relatively quiet.
- Bias: Neutral/Bullish
- Resistance: 430-434, 453-455, 460 1/4-463 1/2***
- Pivot: 422 1/4
- Support: 412, 400
Soybeans
Technicals (November)
November soybean futures traded on higher on what was a half-way friendly report on Friday, but fizzled out into the afternoon trade. The market has traded on both sides of unchanged, but did make new lows and traded below the psychologically significant $11 handle. The Bulls will want to see a close back above our pivot pocket from 1111 1/2-1115 to encourage a relief rally, likely spurred by short covering. Friday’s Commitment of Traders report showed funds were net sellers of about 28k futures and options contracts through June 25th, expanding their net short position to 129,663 contracts. For perspective, n the first week of March Funds were reported to be as short as 171,999 contracts.
- Bias: Neutral
- Resistance: 1138 1/2-1141, 1148-1154*
- Pivot: 1111 1/2-1115
- Support: 1097-1100**
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