Grain Traders Gear Up for the Monthly WASDE report

US Ending Stocks Estimates

Corn

Technicals March corn futures were able to find their footing in Monday's trade, after opening Sunday night under minor pressure. The market was able to get back out above our pivot pocket from 487-488 which puts the next upside objective/resistance point as 499-502 1/4. Above that and a retest of contract highs at 508 1/4 seems likely. On the flip side, a break and close below support from 477 3/4-479 3/4 could spur a round of profit taking back to last month's breakout point which came on the back of a USDA report. This morning's USDA report is scheduled to be released at 11am CT.

Technical Levels of Importance Resistance: 499-502 1/4**, 508 1/4** Pivot: 487-488 Support: 477 3/4-479 3/4***, 469 1/4-471 1/2***

Seasonal Tendencies Update

(Updated on 2.10.25)

Below is a look at historical price averages for May corn futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results). 

Commitment of Traders Update

Friday’s Commitment of Traders report showed Funds were net buyers of nearly 18k futures contracts through 2/4/25, expanding their net long position to 361,531.  This is the largest net long position since the spring of 2022. 

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