Ahead of Sunday Night's Market
Tom White, FuturesRoad.net analyst and CME Group floor trader sees the technicals of the corn market like this:
"Corn generally traded from the long side until Friday’s report. We were unable to take out a previous high at 524.2 and the market eventually broke. The fact that we had a double outside down day could mean that the bias remains to the short side on Monday. Generally after such days with that pattern, the market does first try to rally before moving lower. But even if we do move down, we still generally remain biased to the long side on longer term basis for now. We still have the pitchfork pattern on the weekly charts. And the market remains above the top of its Keltner channel."