 Hello, welcome to this week's CMC Markets Commodity Snapshot with myself, Jasper Lawler. This week we're looking at not oil for once, which is what everybody is looking at, but actually another commodity which may be affected by oil, and that's corn. Now what's worth considering when you're looking at agricultural commodities, corn being one of the best examples, is that one of the biggest input costs to farming in modern industrialized techniques is energy. If you look at a farm, what do you find on the tractors, combine harvesters, chemicals, fertilizers, all of them are somehow derived from energy and lower oil prices feeds across into multiple energy markets and just means lower costs. And so these farmers are going to be able to sell their crop on the market at a lower price and the kind of competition amongst them will drive prices down in theory, not to mention that the lower costs will probably encourage them to increase production. And so all these things are probably pointing in the direction of lower prices for corn alongside the lower price of oil. If we have a look at the chart for corn, we can see that actually the price has been kind of steadily rising against this backdrop of falling oil prices. It's only been a few weeks, but nevertheless, a bit of a countertrend. And you can see here on this weekly candlestick chart that there is a downsloping trend line that's been connecting some of the major peaks in the market. So should this trend line come into force again, this is where we could see this downward force coming in from the downward slope of oil, coming into the corn market with sellers coming in around that trend line. There is a risk that maybe just corn and its own supply and demand factors could push prices beyond that downsloping trend line. And there's a slight suggestion that may happen with some RSI bullish divergence. So right around this 390 level on corn could be key for the direction going forward. Now if we look across to what CMC markets clients are doing, you can see that according to this client sentiment chart, clients are generally fairly bullish corn. Keep in mind that these numbers change on a frequent basis, but what we can see on the chart here is that in terms of the number of clients and the position value of all the clients together are strongly along the market. Obviously looking at this big downward trend that we've seen for the last few years since the market peaked out in 2012, looking at this as a buying opportunity. So this trend line break could be interesting for these clients in the market. That's it for this week, CMC markets commodity snapshot. Let's look at how oil and corn prices relate to each other and let's have a look at this downsloping trend line and whether this RSI bullish divergence plays on or not, or whether we see some lower prices.