Darin Newsom DTN Senior Analyst
Sun Apr 6, 2014 08:03 AM CDT

Ag Markets: Weekly Analysis

Corn: The May contract closed 9.75cts higher. The secondary (intermediate-term) trend on the weekly chart is sideways to up. The May contract posted a bullish outside week last week, closing on initial resistance at $5.01 3/4. Friday's CFTC Commitments of Traders report showed noncommercial traders adding to their net-long position by another 50,036 contract, putting the total at 308,663 contracts. This is their largest net-long position since early December 2012. However, weekly stochastics are indicating the contract is sharply overbought and due for a sell-off. Also, the carry in the nearby May to July futures spread ...

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