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Last Week’s Close: Corn futures finished Friday’s session down ¼ of a cent, extending losses for the week to 8 cents. Friday’s Commitment of Traders report showed managed funds with a net short futures and options position of 176,777 contracts.
Fundamentals: Friday’s USDA report showed U.S. ending stocks at 1.835 billion bushels, above the average analyst of 1.736 billion bushels. World ending stocks came in at 308.53, a hair below the average analyst estimate. It is likely that attention will now turn towards weather and potential field work delays.
Technicals: The market tripped stops below contract lows on Friday but managed to rebound slightly to finish the day closer to unchanged. Price action here in the first half of the week will be pivotal in setting the tone going forward. If the bulls can defend the lows from Friday and achieve consecutive closes back above resistance from 370 ½-372 ¼, we could start to see short covering from the funds. We are friendly the market here but need to see the chart firm up to get more aggressive.
Resistance: 370 ½-372 ¼**, 377-380***
Support: 362 ¼-363 ¼****
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