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Is corn set for a rally?

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Blue Line Grain Express

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December corn futures have been nothing more than a stick in the mud over the last two months as market participants search for a fundamental catalyst for the next directional move (other than sideways). We do have a USDA report this week that could be that catalyst, that comes out on Thursday at 11am cst. We will have our estimates out early in the week so be sure to look for our morning reports. On the technical side of things, we remain neutral and have been tempted to move that to bullish. We are remaining patient for a technical close above a key resistance pocket from 351 -355 . If we can achieve a close above the top end in this weeks trade, we could see funds start to cover their large net short position. Fridays commitment of traders report showed that funds are net short 202,736 contracts (Futures & Options), this is an increase of 28,369 contracts from the previous week. Keep in mind that this data is compiled by the CFTC through Tuesday and does not account for short covering we saw on Wednesday and Thursday.

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Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.



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