FIS Technical – Grains And Ferts
A generally quiet week with prices feeling the pressure of improved Brazilian planting conditions and the progressing US harvest. Global stocks remain comfortable but the funds are long in the hope of a fundamental push from Brazil and a technical breakout out of recent ranges.
It’s hard to get bullish to corn fundamentally or technically, however, downside under recent lows also seems limited unless something negative in beans drags corn along for the ride.
Market lacks direction and momentum. Difficult to see it breaking recent ranges.
Interesting that technicals, though still bullish are giving early warning signals that momentum may be starting to weaken.