Masel Begnan

Corn futures present an interesting long continuation pattern. Price has reclaimed its 50-day moving average, is up more than 2% on the day, and is working back toward the top of its range. Large speculators are heavily long, but smaller speculators are only in the middle of their range, so the trade is not yet crowded. Momentum is turning up, and there is still room in positioning before the long side becomes dangerous.

Copper futures are showing a long continuation pattern with price reclaiming the 50-day moving average and momentum turning up; positioning is not yet crowded, leaving room for retail to enter and supporting further upside.