May Corn Futures News today – 3-11-19

Corn (May)
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.
Bias: Neutral/Bullish
Resistance: 370 ½-372 ¼**, 377-380***
Support: 362 ¼-363 ¼****

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 or at 877-329-0006 and visit us at
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.

Sign Up for BrokersEDGE

Talk to a broker

DAW Trading