CORN UPDATE
My long corn position remains healthy, driven by 4 key factors:
1. Strong CBOT support from US yield concerns
2. Brazilian sellers holding back supply
3. Firm domestic demand (especially ethanol)
4. Slower safrinha pace + tighter global stocks
That said, I fear selling pressure near the resistance zone marked on the chart, a level that has held for over 3 years on the continuous B3 contract.
My broader optimism on ag commodities makes me believe this resistance will finally break soon, paving the way for a powerful rally across the entire complex.
Still, risk management comes first. I’ll adjust (taking partial profits) my corn position accordingly as prices approach 74.
My long corn position remains healthy, driven by 4 key factors:
1. Strong CBOT support from US yield concerns
2. Brazilian sellers holding back supply
3. Firm domestic demand (especially ethanol)
4. Slower safrinha pace + tighter global stocks
That said, I fear selling pressure near the resistance zone marked on the chart, a level that has held for over 3 years on the continuous B3 contract.
My broader optimism on ag commodities makes me believe this resistance will finally break soon, paving the way for a powerful rally across the entire complex.
Still, risk management comes first. I’ll adjust (taking partial profits) my corn position accordingly as prices approach 74.
