A few things for direction on Corn after report. Some bias for more upside longer term, but the market has been saying not so fast lately.
US Dollar: Usually trends lower into major China export programs (more so for beans than corn as China usually does not buy much corn) Trends higher after export program concludes.
Some resistance ahead. A move lower would help grain exports….
COT: Commercial Net is tipping lower. Natural selling by farmer. (+)
Commercial Shorts could be reversing to add to positions, typically places a low. (+)
Commercial Longs have not been adding. Until they start adding I will remain neutral. (+/-)
Funds are adding to longs. (+)
**These indicators lag behind change in trends. But if we do trend after the report, It should help confirm a bigger picture scenario either way….
US Dollar: Usually trends lower into major China export programs (more so for beans than corn as China usually does not buy much corn) Trends higher after export program concludes.
Some resistance ahead. A move lower would help grain exports….
COT: Commercial Net is tipping lower. Natural selling by farmer. (+)
Commercial Shorts could be reversing to add to positions, typically places a low. (+)
Commercial Longs have not been adding. Until they start adding I will remain neutral. (+/-)
Funds are adding to longs. (+)
**These indicators lag behind change in trends. But if we do trend after the report, It should help confirm a bigger picture scenario either way….