Most markets I track for each coming week are in entering rangebound statistical conditions, with the exception of the Japanese yen, Australian dollar and corn futures. The yen, Aussie and corn have trending math elements that favor few turns and wide-reaching directional distances in price, with the Aussie making a monthly chart 50-simple moving average breakout, thus far. I’m bullish on all three. I was right that the Aussie’s subtle setup last week could make a surprise move, which it did, although the other symbol with the same conditions made a milder move.
Soybeans started the year on an up note as all three legs of the complex closed higher; Friday's COT report showed funds were light buyers of 15,500 contracts, good news for corn bulls; Hard Red Winter Wheat regions are still under a barrage of cold weather and wind chill warnings.
December was a fitting end for a year in which none of the major agricultural contracts – corn, wheat, or soybeans – ended more than 5% higher or lower than a year ago. The corn market was particularly quiet with only a 14-cent trading range for the month and a settlement price almost identical to a year ago.