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Corn Market news – Futures Trading news – BrokersEDGE – DAW Trading 5-22-18

CORN (July)

Yesterday’s Close: July corn futures finished the session up ½ of a cent, this after trading in a range of 6 ¼ cents. Funds were estimated sellers of 4,000 contracts on the day.

Fundamentals: Grain futures started the week on stronger footing thanks to positive developments with China and on-going concerns over the crop in Brazil. The recent headlines regarding trade should be taken with a grain of salt as there are no details yet. Weekly export inspections came in at 1,527,994 metric tons. The USDA released their weekly Crop Progress report yesterday which showed that 81% of the corn crop is now planted with 50% emerged; both of these are in line with the 5-year average. Weather here in the states will start to become more important as this crop starts to develop.

Technicals: The market made a run at the top end of the range yesterday which we have had defined as 407-408 ½. As mentioned in yesterday’s report: “If you have been long the market this would be a spot to look at reducing or hedging if you’re a producer”. We continue to be friendly the market over the intermediate term, but we have been rangebound for the last month which as provided some excellent opportunities to be nimble. If the market cannot stage a breakout, we would not be surprised to see prices retreat towards the lower end of the range which comes in from 394 ¼-397 ¼.

Bias: Bullish

Resistance: 407-408 ½***, 425 ¾-426 ½**

Support: 394 ¼-397 ¼***, 390 ½**, 379 ½-383 ½****

 

If you have any questions about the commodity futures and options markets, trading or opening an account please let us know!

 

For more information please contact DAW Trading at brokersedge@dawtradingdiv.com or at 877-329-0006 and visit us at http://dawtradingdiv.com/brokers-edge/

 

 

Disclaimer:

Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. DAW Trading (“DAW”) uses various outside sources for research material regarding futures and options on futures trading therefore the views and opinions expressed in this letter may not necessarily reflect the view of DAW or its staff. The information provided is designed to assist in your analysis and evaluation of the futures and options markets. However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to DAW.

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