Friday’s Commitment of Traders report showed little change in the Funds positioning in corn, with their net position being reported at 296,795 futures/options contracts. Broken down that is 173,777 longs VS 470,572 shorts. Keep in mind that the data is only through Tuesday, March 5th, so it doesn’t include the rally we got in the back half of last week’s trade.
Below is a look at the 5-year chart of Fund positioning (yellow line). The current net short is what we would consider to be extreme, with the only other two occurrences of this extreme coming in April 2019 and June 2020.
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Seasonal Tendencies
The seasonal charts below show season averages on a 5, 10, 15, 20, and 30 year average. Below is a color key for the charts.
| Red | Green | Blue | Orange | Pink |
| 5 yr. avg. | 10 yr. avg. | 15 yr. avg | 20 yr. avg. | 30 yr. avg. |
Below is an updated look at seasonal tendencies of the May futures contract for corn. Seasonally we can see the market consolidate this time of year, but as mentioned previously, the last several months have been anything but seasonal.
Below is a look at seasonal tendencies for new crop December corn futures. If you’d like us to provide you with back tested data for a specific time frame, email Oliver@BlueLineFutures.com.
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