March Corn closed ¾ cent higher ($4.24 ¾), May ½ cent higher ($4.27 ¾) & July ¼ cent higher ($4.28 ¾)
Jan Chgo Ethanol closed unchanged ($1.310), Feb unchanged ($1.310)
It was a quiet corn trade on Tuesday; easier early firming late. I didn’t see much new news directly impacting the trade other than strength elsewhere in the Ag complex. Interior cash markets run steady to firm as new cash corn sales remain slight at best. The midday posting at the Gulf edges higher. Corn spreads followed accordingly.
Flat price corn charts continue in the recent sideways mode trading just below resistance levels that were established in late November. Daily momentum indicators are hinting at trying to turn higher. March closing above $4.28 will suggest a run at the November highs. Closes below $4.19 may attract some selling.
Daily Support & Resistance – 12/16
March Corn: $4.20 – $4.30
July Corn: $4.24 – $4.34
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.