Corn futures recover Sunday night losses, is the low in? | 5/15/2023
Posted: May 15, 2023, 8:03 a.m.
Commitment of Traders Update
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Corn: Managed Money (aka Funds) were reported to be net buyers of 8,503 futures/options contract through May 9th, shrinking their net long position to 109,643. Broken down that is 159,467 longs VS 269,110 shorts.
- Soybeans: Funds were reported to be net sellers of 7,914 contracts, shrinking their net long position to 48,459 contracts. This is the smallest net long position since December 14th, 2021.
- Wheat: Funds were net buyers of 9,418 contracts, the bulk of which was short covering (8,524 contracts). This puts their net short position at 116,905. Broken down, that is 176,576 shorts VS 59,670 longs.
Black Sea Grain Deal
- Ukraine cannot rule out that a deal allowing the safe Black Sea export of Ukrainian grain will end on May 18, when it is due to expire, and no additional talks are planned this week, a foreign ministry official said on Monday. -Reuters
Weather Outlook
Corn
Seasonal Trend in Play
- September corn futures have trended lower for 12 of the last 15 years from 4/30-6/24.
Technicals (July)
July corn futures traded in a wide range on Friday, but were ultimately able to defend support, which we laid out as 569-572. That pocket represents the recent lows, but also the low end of the range from last July. The market finished Friday's trade in our pivot pocket, 586-588. IF the Bulls can defend this level in the first half of the week, we could see the market attempt to retest our 4-star resistance pocket, 695-601.
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Bias: Neutral Previous Session Bias: Neutral/Bearish Resistance: 595-601****, 614-616*** Pivot: 586-588 Support: 569-572***, 545-550****
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SoybeansSeasonal Trend in Play
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WheatSeasonal Trend in Play
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Futures trading involves substantial risk of loss and may not be suitable for all investors. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. 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.
Blue Line Futures is a member of NFA and is subject to NFA’s regulatory oversight and examinations. However, you should be aware that the NFA does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians or markets. Therefore, carefully consider whether such trading is suitable for you considering your financial condition.
With Cyber-attacks on the rise, attacking firms in the healthcare, financial, energy and other state and global sectors, Blue Line Futures wants you to be safe! Blue Line Futures will never contact you via a third party application. Blue Line Futures employees use only firm authorized email addresses and phone numbers. If you are contacted by any person and want to confirm identity please reach out to us at info@bluelinefutures.com or call us at 312- 278-0500
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