Corn

Technicals (December)
December corn futures made it to the 20-day moving average in yesterday's trade but have so far stalled out against it.  As mentioned in yesterday's commentary, this is the last barrier between current prices and the gap from July 7th which comes in from 429 3/4-432 3/4.  In our eyes, that pocket is a true inflection point.  Consecutive closes above it could flip the technical advantage from Bears to Bulls.  Though the RSI at 45.52 is near neutral, overall sentiment seems to be getting crowded, even more so on the relief rally.  

Commitment of Traders Update 
The most recent Commitment of Traders report showed Funds were net short 203,861 futures and options contracts, that is slightly smaller than the prior report.  Long liquidation and short liquidation were the themes in the recent report with longs liquidating 11,553 contracts and shorts liquidating 14,154. 

Soybeans

Technicals (November)
November soybeans were the bright spot yesterday, fighting off MUST HOLD support in the last 5 sessions and staging an impressive rally yesterday.  The move out above 1011 1/2-1015 1/4 is encouraging, the Bulls will want to see this pocket defended.  As mentioned yesterday, the next upside objective from here is defined by the cluster of major moving averages from about 1027-1034.  

Commitment of Traders Update
The most recent Commitment of Traders report showed Funds were net short 6,216 futures and options contracts. The growth in their short position is minimal, but interesting to note that it was split nearly down the middle, new shorts and long liquidation. 

Wheat

Technicals (December)
December Chicago wheat futures were able to reverse off the lows and finish positive yesterday, but that optimism has fallen flat overnight with prices retreating back to critical support.  A break below yesterday's low the next downside target would be 543 3/4-548 ½.

Commitment of Traders Update
The most recent Commitment of Traders report showed Funds were short 55,594 futures and options contracts.  That number shrinking continues to be a trend over the last two months. 

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