Technicals
The march higher continued for March corn futures in yesterday’s trade, taking prices above our pivot pocket from 487-488. If the Bulls can achieve consecutive closes above here, the next upside objective would be 499-502 1/4. The RSI is at 74 this morning, which is technically overbought. We remain upbeat on corn, but are at levels where upside reward may be starting to be offset by downside risk (on a short term time frame).

Technical Levels of Importance

• Resistance: 499-502 1/4, 508 1/3-510*
• Pivot: 487-488
• Support:479 3/4-480 1/2, 469 1/4-471 1/2*

Seasonal Tendencies Update
(Updated on 1.21.25)

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).

Commitment of Traders Update
Managed Money increased their net long position to 292,228 futures and options contracts, the largest net long since May of 2022.
 

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