๐ฝ Corn Technical Analysis (GrainStats)
ืืขืืืื
Fundamental Data๐
Corn Harvest Progress ๐โก๏ธ๐ฝ
โโโโโโโโโโโโโโโ 71%
Export Inspections ๐ขโก๏ธ๐
531,516 Metric Tons
โฌ๏ธ 82,255 Metric Tons week vs. last week
โฌ๏ธ 58,922 Metric Tons this week vs. this week last year
โฌ๏ธ 53,968 Metric Tons this week vs. 5-year average
Export Sales๐บ๏ธ
18,275,443 Metric Tons (Cumulative, Current Marketing Year)
โฌ๏ธ 4,180,245 Metric Tons this week vs. this week last year
Price Sentiment (Community Polling)๐
Bullish ๐ฉ๐ฉ๐ฉโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธ 28%
Neutral ๐ซ๐ซ๐ซ๐ซ๐ซโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธ 44%
Bearish ๐ฅ๐ฅ๐ฅโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธโฌ๏ธ 25%
Noteworthy News / Trends ๐
๐ข US River levels have improved on the Mississippi river (barge freight down 4 weeks in a row)
๐ข Mexico continues to purchase US Corn at a rapid pace.
๐ด The US still has a +2 billion bushel carryout
๐ด Wetter forecast for Argentina
Funds๐ฐ
Funds added to their net short position over 44 thousand contracts, raising their total net short position to over 144 thousand contracts, the highest in years, seasonally adjusted.
Corn Technicals ๐น
Corn successfully put a double bottom into December Corn futures. This was achieved early Friday morning and then bounced higher erasing two days worth of losses. ๐ข
We believe that the near term bottom is in the market, but there are also less than 20 days left before first notice day so we don't expect many fireworks to the upside. Instead the trade should focus on farmers finishing up the 2023 harvest in the next few weeks and the commercial entities rolling their December futures to the March contract.
Overall we think there is a a rangebound trade at hand with well established support at the bottom (4.675) and a over arching down trend in price that has been established since late summer. We'll need a new theme to break out in either direction (Bull = Production problems in Argentina/Brazil or Bear = Russia-Ukraine peace deal)
Watch the following levels for now๐
๐ข Current Upside Target: 4.85, 4.90
๐ด Current Downside Target: 4.675
Investment Risk Disclaimerโ ๏ธ
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ืืขืจื
Caution is advised as the market has successfully retraced back to support.
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