Last week May Corn opened at 654 and closed the week at 645. The week low came in at 631¾. Technically the market is in no trend with ADX at 17. Corn has been in a range since late-January between 660-630. MACD is just below the signal line with no divergence, and Stocahstics are mid-range and are now pointing up.
Last week’s WASDE release showed projected world corn stocks down 800,000 tons from last month. From U.S. corn seed purchases, it is being reported that the U.S. corn acreage will be the largest in history at 94 million acres, the March 30 Perspective Plantings report will help confirm this.
May soybeans opened last week at 1330 and closed the week at 1337¾. Technically, the market is in a very strong uptrend, with ADX at 70, which started mid January as the market moved up away from 1180 and finally broke 1240 early February. At Trend in Futures we are currently managing $3,200 in open trade equity in a long taken in February.
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