Corn Cash Index: The National Corn Index (NCI, national average cash price) still has not competed a bullish reversal on its monthly chart. Theoretical Positions: End users could’ve extend their coverage based on the NCI’s secondary (intermediate-term) uptrend and the major uptrend in futures.
December Corn: Dec24 extended its major uptrend to a high of $4.2775 during September before closing at $4.2475, up 23.75 cents for the month.
Theoretical Positions:
- Hedgers:
- See Weekly Analysis: Grains (both Futures and Cash)
- Traders:
- Short Dec24 futures positions could’ve been covered near the August close of $4.01.
- And long positions established at the same price
- Traders may have sold Dec24 $4.00 put options at 20.0 cents
- If so
- then these options would’ve been bought back at 2 2/8 cents (September 30)
- and long futures positions established in Dec24 on a stop at $4.2025
- creating a long futures position of $4.0250
- We will continue to track the Dec24-Dec25 futures spread for an opportunity to roll long Dec24 positions forward.
- If so
- Short Dec24 futures positions could’ve been covered near the August close of $4.01.
Teucrium Corn Fund (CORN) extended its major uptrend to a high of $18.61 during September before closing at $18.49, up $0.79 for the month. The upside target area is between $22.09 and $25.23. Theoretical Positions: CORN could’ve been bought near the August settlement of $17.70.
