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Corn
Technicals (December) Corn futures are making a nice push higher in the overnight and early morning trade as a wrinkle of uncertainty regarding the President's decision to drop out may be sparking some short covering. As far as the technical landscape goes, not much has changed. The market remains mostly rangebound between 403 and 413. If the Bulls can chew through and close above the top end of the range, it could spark additional upward momentum with the next hurdle coming in near 422 and the more significant resistance point coming in near 430-434.
Commitment of Traders Update: Friday's Commitment of Traders report showed funds relatively flat for the week, which is in line with the sideways range the market has been stuck in. The net short position stands at a whopping 352,772 futures. Broken down that is 499,028 shorts VS 146,256 longs.
- Bias: Bullish
- Resistance: 420-422, 430-434**
- Pivot: 413-416 1/2
- Support: 399-403**
Below is an hourly chart of December corn futures
Soybeans
Technicals (November) November soybeans are trading nearly 20 cents higher in the overnight and early morning trade, posting their highest prices in a week. The move higher comes on the back of a new wrinkle in the election as well as talks that China could be back for more beans this week. 1061 1/2-1062 3/4 will be a big hurdle for the Bulls to overcome. If they can chew through and close above that pocket an eventual move back near the technically and psychologically significant $11 would not be out of the question.
Commitment of Traders Update: Friday's CoT report showed Funds expanded their net short position by about 20k futures contracts. That puts them net short 183,145 contracts. Broken down that is 243,705 shorts VS 60,560 longs.
- Bias: Neutral/Bullish
- Resistance: 1061 1/2-1062 3/4***
- Pivot: 1046-1050
- Support: 1025-1031 3/4**
Below is an hourly chart of November soybean futures
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