Momentum in grain markets stalled last week, which gave way to weakness, spilling into a softer start to the is week’s shortened week.
Corn
Technicals (March) March corn futures managed to find support and stabilize at the 100-day moving average on Friday. That support pocket that we outlined last week is in focus again to start this week’s trade, we’ve outlined that as 434 1/2-436. A failure here and continued pressure down to 425-427 would be the next stop. On the flipside, the Bulls need to see consecutive closes back above our pivot pocket from 439 3/4-441 to neutralize the recent developing chart weakness. Seasonal weakness from here into the first week of December is not uncommon, some of which may have to do with December futures going into delivery coupled with a holiday trade.
Below is a look at historical price averages for March corn futures on a 5, 10, 15, 20, and 30 year time frames (Past performance is not necessarily indicative of future results).
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