Corn Tech Update

A quiet session for the corn market today as trading interest fell to multi week lows. Listless action has been the theme as traders await new inputs before larger positions are taken. With funds still sizably short, but farmers still holding out, the market has become stuck at mid-range.

It appears prices scored an interim low last week as funds over extended into a record short position. Some of those positions have been squared as the market solved its oversold condition. Prices have since struggled to extend gains and the cluster of moving averages just 10c above the market feels like a stretch without fresh news. That said, the market composition, and wet start to U.S. planting, probably keeps things supported until month end.

Corn futures have seen back-and-forth price action every day this week. No one wants to stick their necks out too far, and todays sharp decline in volume proves it. Expect more of the same until the market gets new information, which unfortunately, might have to wait until the March stocks and intentions report next Friday.