Grain Traders Gear Up for the Monthly WASDE report
Oliver Sloup
Blue Line Futures
Tue Feb 11, 9:23AM CST
US Ending Stocks Estimates
Provided by LSG
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.
Eyes are now on potential soybean harvest delays that may impact sowing of Brazil’s second corn crop, as they could narrow the window for planting and make corn more exposed to climate risks. According to AgRural, 20% of the expected second-corn area had been planted in Brazil’s center-south region as of Thursday, up 11 percentage points from the previous week but well below the 38% seen a year earlier. “The pace is strong in Parana and Mato Grosso do Sul, but there is still a significant delay in Mato Grosso and Goias, where producers are concerned about the ideal window, which ends at the end of February,” AgRural said.
Brazil’s second corn crop is planted after soybeans are harvested in the same areas and represents about 75% of national production in a given year. -Reuters
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).
Provided by Season Algo
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.
Provided by CME
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