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March Corn futures trading
Last Week’s Close: March corn futures finished Friday’s session done 2 ¼ cents, trading in a range of 7 ¾ cents. Futures were down 4 cents on the week.
Fundamentals: Friday’s highly anticipated USDA report was a bit of a snooze fest for those expecting a pop in volatility. That type of market reaction all but confirms our stance that the market is as efficient as ever, making scheduled reports less significant. One of the headwinds for Ag markets recently has been the resurgence in the U.S. Dollar, as it continues its longest daily win streak in two years.
Technicals: The failure against resistance last week has led to some long liquidation, taking prices to their lowest levels in nearly a month. Though we remain optimistic on prices, bulls are starting to get nervous. A failure to defend 371-372 ½ on a closing basis could lead to a bigger technical breakdown.
Resistance: 377-378 ¼**, 382-384 ½**, 388-390 ½****
Support: 371-372 ½***, 367 ¼-368 ½****, 354 ¾****
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