Sept Corn closed 8 ¼ cents lower ($5.50 ½), Dec 7 ½ cents lower ($5.51 ¾) & March 7 cents lower ($5.60 ¼)
Trading range, trading range, trading range!! Today’s early attempt at upside follow through was squelched by a cascading lower soybean complex. It’s hard for the corn market to be higher when soybeans trade more than 40 cents lower. Overall it was respectable day for the corn market as it remains in a range bound trade. My thought is this market will remain range bound until we see what the USDA has to say on August 12th. Between now and then we’ll see lots of private estimates as to crop size and net carryout projections. Personally I think the USDA may suggest a 1.0-1.5 cut to yield, minimal changes to demand and not sure about harvested acres since it is the first actual field survey of the season.
Daily Support & Resistance – 08/04
Sept Corn: $5.43 – $5.59
Dec Corn: $5.44 – $5.60
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