Grains

Lower highs for Corn futures last week while July Wheat futures broke down on Friday.
Rumors have been swirling that China was in the market for some big corn purchases. That, coupled with today’s option expiration has provided support in prices over the last few sessions.
Corn futures manage to rally into the weekend, only to give it up in the Sunday night/Monday morning trade. Friday’s COT) report showed funds holding a net short position of 137,571 contracts.
Corn tried to stage a relief rally yesterday, but the attempt fell short, with no conviction from the buy-side. .
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.