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Since last Friday, corn is up 7 3/4 cents, soybeans are up 5 1/2 cents, and what is up 13 1/2 cents. Corn and wheat saw support for prices after this morning's export sales report, whereas soybeans saw the opposite. Export sales were released today and showed that corn and wheat exports exceeded expectations, while soybeans lagged below the lowest trade estimate.
Corn managed to spend the whole day above the 200-day moving average that was broken through earlier this week. Corn technically is the strongest of all the commodities, holding above the 10, 50, 100 and 200 day moving averages with the curves now trending upward. When prices are above the 200-day moving average it means the long term trend is shifting more bullish.
Funds were thought to have been mixed today with corn expected to have grown its long position by 7,000 contracts (long 217,000), soybeans to have grown its short position by 4,000 contracts (Short 31,000), and wheat to have been a buyer of 3,000 contracts (short 92,000).
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