May Corn closed 2 ¼ cents higher ($5.51 ¼), July 2 ¾ cents higher ($5.34 ¼) & Dec 1 ¾ cents higher ($4.69 ¾)
Down on Monday up on Tuesday is as good as any rationale behind today’s trade. In the early going corn did catch a bid from higher soybeans and surging wheat. After those markets settled down so did the corn market. New news for the day I’m not finding. Going forward we still have a fair amount of corn to ship and despite the crude oil market getting crushed today the ethanol market appears it is here to stay. Renewed strength in the Us Dollar was pretty much ignored as the US is the best origin for corn right now.
With the exception of the Ohio River the Midwestern corn basis reads no worse than steady to higher as the ethanol guys lock horns with the exporters. The gulf eases just a touch. The May/July corn spread eases a touch while the July contract dominates going forward.
Old Crop corn – spinning wheels go round and round as we wait for next week’s Quarterly Stocks report. Between ow and then the downside should remain limited to the $5.40 level (May).
New Crop corn – between now and next Wednesday acreage intentions Dec corn is no worse than $4.60; no better than $4.80.
Daily Support & Resistance – 03/24
May Corn : $5.46 – $5.58
Dec Corn: $4.64 – $4.75
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