Corn

Corn futures tried to breakdown yesterday, following a weekend of favorable weather that helped producers stay ahead on planting; Wheat futures rallied in afternoon session.
Corn futures spend the majority of last week’s trade consolidating, with little new news to break the market lower or spark a short-covering rally.
orn futures traded to new contract lows yesterday on the back of a technical breakdown and as expected, another poor ethanol report.
Corn futures moved higher while May contracts for Soybeans and Chicago Wheat consolidated ahead of Thursday's report.
May corn futures made several attempts to rally last week but failed to hold those attempts through the close, which has kept the funds comfortably short. Friday’s Commitment of Traders report showed funds net short position at 99,925 contracts.
Corn futures caught a midday bid yesterday on the back of oil prices surging as much as 30%. President Trump tweeted that Russia and Saudi Arabia had open lines of communication regarding a production cut of 10-15 million barrels per day.
Yesterday’s USDA report had corn prospective acres at an astonishing 96.99 million acres, well above the average estimate of 94 million. Corn quarterly stocks came in at 7.953 billion bushels, towards the low end of estimates.
Gold market futures large speculators increased their positions to nearly 4:1 on the long side by adding 120k new long positions.
Soybeans higher on heavy rains that are stalling planting. We traded above the $9 per bushel level which was a resistance level and now will be a support level. Soybean futures are currently trading at $9.10 per bushel.
Traders are looking forward to next Monday (June 4) corn planting progress numbers. The latest planting progress reading on May 28 for corn was 49%, well below the ten-year-average of 80%.