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Corn
Technicals (December)

December corn futures had a strong finish to last week’s trade, but it wasn’t enough to break prices out above resistance from 413 1/2-416. That pocket remains intact to start this week’s trade. If the Bulls can chew through this pocket it would mark another round of higher highs, on the back of higher lows. The next upside resistance from there comes in from 421 3/4-423 3/4.

Technical Levels of Importance
Resistance: 413 1/2-416, 421 3/4-423 3/4*
Pivot: 409
Support: 401-403 3/4, 380-385
Below: Daily Chart of December Corn Futures.

Commitment of Traders Update
Friday’s Commitment of Traders report showed funds were net buyers of roughly 41k futures and options contracts, with 32k of that being short covering. That trims the Funds net short position to 146,595 contracts, the smallest net short since the end of May.

Soybeans
Technicals (November)

November soybeans had a choppy finish to last week’s trade, following the monthly WASDE report. Despite the choppiness, many of our technical support and resistance levels held and remain intact to start a new week. With the market coiling into a tighter trading range the market could be building up energy for a bigger directional move. A violation of support or resistance could be the greenlight for that move. A limited risk options strategy could be something to consider in this situation.

With U.S. harvest just around the corner, attention has started to shift towards South American weather. Here’s a look at why that’s important: Brazilian Crop Production Preview – Blue Line Futures

Technical Levels of Importance
Resistance: 1023-1024 1/2, 1031 3/4-1035
Pivot: 1000-1006 1/2
Support: 984 3/4-991, 973 1/4, 950-955 1/4*
Below: Daily Chart of November Soybean Futures

Commitment of Traders Update
Friday’s Commitment of Traders report showed Funds were net buyers of about 26k futures/options contracts. This trims their net short position to 120,720 contracts.

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