March Corn commodity futures
Yesterday’s Close: March corn futures finished yesterday’s session up 4 ¼ cents, trading in a range of 5 ¾ cents. Funds were estimated buyers of 21,000 contracts on the day.
Fundamentals: Corn futures were firm in yesterday’s session, despite no substantive catalyst to trigger the round of buying. Outside of today’s EIA ethanol report and tomorrow’s export sales report, there is not a lot on the calendar for the remainder of the week. We continue to keep a close eye on the U.S. Dollar, it rolled over hard yesterday, providing support to the grains but is finding support this morning.
Technicals: The market had a nice rally yesterday but the 100-day moving average has halted the advance. We continue to be friendly the market, but are keeping expectations tempered, considering we have been trading mostly sideways for the last 3 months. If the market chews through the 50 and 100 day moving average, we would look for a retest to the top of the range from 382-384 ½.
Bias: Neutral/Bullish
Resistance: 382-384 ½**, 388-390 ½****
Pivot: 378 ¾-379 ½
Support: 371-372 ½***, 367 ¼-368 ½****, 354 ¾****
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