🌽 Corn Technical Analysis (GrainStats)

Fundamental Data👇


Corn Harvest Progress 🚜➡️🌽

▓▓▓▓▓▓▓▓▓▓░░░░░ 71%

Export Inspections 🚢➡️🌎

531,516 Metric Tons
⬆️ 82,255 Metric Tons week vs. last week
⬆️ 58,922 Metric Tons this week vs. this week last year
⬇️ 53,968 Metric Tons this week vs. 5-year average

Export Sales🗺️

18,275,443 Metric Tons (Cumulative, Current Marketing Year)
⬆️ 4,180,245 Metric Tons this week vs. this week last year

Price Sentiment (Community Polling)📊

Bullish 🟩🟩🟩⬜️⬜️⬜️⬜️⬜️⬜️⬜️ 28%
Neutral 🟫🟫🟫🟫🟫⬜️⬜️⬜️⬜️⬜️ 44%
Bearish 🟥🟥🟥⬜️⬜️⬜️⬜️⬜️⬜️⬜️ 25%


Noteworthy News / Trends 🆕

🟢 US River levels have improved on the Mississippi river (barge freight down 4 weeks in a row)
🟢 Mexico continues to purchase US Corn at a rapid pace.
🔴 The US still has a +2 billion bushel carryout
🔴 Wetter forecast for Argentina


Funds💰
Funds added to their net short position over 44 thousand contracts, raising their total net short position to over 144 thousand contracts, the highest in years, seasonally adjusted.


Corn Technicals 💹


Corn successfully put a double bottom into December Corn futures. This was achieved early Friday morning and then bounced higher erasing two days worth of losses. 🟢

We believe that the near term bottom is in the market, but there are also less than 20 days left before first notice day so we don't expect many fireworks to the upside. Instead the trade should focus on farmers finishing up the 2023 harvest in the next few weeks and the commercial entities rolling their December futures to the March contract.

Overall we think there is a a rangebound trade at hand with well established support at the bottom (4.675) and a over arching down trend in price that has been established since late summer. We'll need a new theme to break out in either direction (Bull = Production problems in Argentina/Brazil or Bear = Russia-Ukraine peace deal)

Watch the following levels for now👇
🟢 Current Upside Target: 4.85, 4.90
🔴 Current Downside Target: 4.675


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Comment:

Caution is advised as the market has successfully retraced back to support.