Corn Futures

Technicals (May)
May corn futures had a strong close on Friday with the uncertainty of what could happen geopolitically over the weekend. The "worst case scenario" was avoided which has most markets trading in a calmer manner to start the week. Looking at the technical landscape, the market is still very rangebound with prices lingering near the middle of key support and resistance levels.


Bias: Bullish/Neutral

Resistance: 441 3/4-444 1/2***, 447 1/2-450****

Pivot: 431 1/2-435

Support: 421-422***

Fund Positioning

Friday’s Commitment of Traders report showed that Funds were net sellers of about 4k contracts (through 4/9/24), that puts their net short position at 263,554. Broken down that is 158,480 longs VS 422,034 shorts.


Seasonal Trends
(Past performance is not necessarily indicative of future results)

Below is a look at price averages for December corn, using the 5, 10, 15, 20, and 30 year averages.


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