New Month, New Market? | Grain Express | 5/1/2023
Posted: May 1, 2023, 7:48 a.m.
Commitment of Traders Update
(Through 4/25/23)
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Corn: Managed Money were net sellers of 64,730 futures/options contracts. Broken down, 30,036 of that was long liquidation, and 34,694 was new shorts. Managed Money is now net short 15,297 contracts. That is broken down as 190,680 longs VS 205,977 shorts.
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Soybeans: Managed Money were net sellers of 47,573 futures/options contracts from April 19th-25th. Broken down, 38,645 of that was long liquidation and 8,928 were new short positions. Managed money is now net long 87,208/ futures/options. This is the smallest net long position since 11/22/2022.
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Wheat: Managed Money were net sellers of 10,030 futures/options contracts, the bulk of that being new short positions. Funds are now net short 113,012 contracts, their largest net short position since the first quarter of 2018.
Temperature and Precipitation Outlook
- The 6-10 day outlook shows a trend towards warmer weather, and wetter for some. Here's a look at the maps: 6-10 Day Weather Outlook Update - Blue Line Future
Federal Reserve
- Probabilities are that the Federal Reserve will announce a 25-basis point hike in their Wednesday meeting, this despite signs that the rapid rise in rates has created some cracks in the system (banks).
Outside Markets
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Stock indexes are little changed in the early morning trade. Crude oil is down $1.73 to $75.05. The US Dollar is up .165 to 101.57.
CornSeasonal Trend in Play
Technicals (July) July corn futures are a hair lower in the early morning trade, a bit of a disappointment for the Bulls following Friday's reversal. Last week's low will act as support, 572-574, the same area that acted as support back in July of 2022. On the flipside, previous support is now resistance, that comes in from 595-601. Our bias to start the week: cautiously optimistic.
Bias: Neutral/Bullish Previous Session Bias: Neutral/Bullish Resistance: 615 3/4-618**, 624-628*** Pivot: 595-601 Support: 572-574 1/4****, 545-550**** |
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Soybeans
Seasonal Trend in Play
- The next Seasonal Trend for soybeans is for the July contract and starts on May 28th.
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