Dec Corn closed 2 ½ cents lower ($3.75 ¼), March 2 ½ cents lower ($3.84) & July 3 cents lower ($3.95 ¾)
December Chgo Ethanol closed 0.021 cents a gallon lower ($1.412) & Jan $0.017 cents lower ($1.387)
Weekly Corn Export Sales – Delayed until Friday, Nov 15th
It was another quiet day for corn trading; not even a 3 cent range. Losses on the day were attributed to lower wheat prices. Why did the market respond to the lower wheat prices; because on Tuesday the corn market responded to the higher wheat prices. In other words for the past two days corn prices have been influenced by the goings on in the US wheat futures’ market. Direct new news impacting corn futures remains slight.
Both interior cash corn prices and export prices (basis) continue to show a strong firm undertone. Movement remains slight at best. Corn spreads were steady up front while seeing fractional gains against May and July. Old crop corn, however, loses to the new crop.
Corn futures’ prices continue to honor suspected support levels but that’s about all. The spec trade remains a significant short but I see very little out there, technical or fundamental, which would prompt them to cover. For the time being US corn futures remain dead in the water.
Daily Support & Resistance for 11/14
Dec Corn: $3.72 – $3.80
March Corn: $3.81 – $3.89
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.