December Corn closed 4 ¼ cents lower ($5.84 ¼), March 5 cents lower ($5.85) & May 4 ¾ cents lower ($5.87 ¼)
Weekly Corn Export Inspections – 810.3 K T. vs. 700 K – 1.200 M T. expected
Weekly corn export inspections favored the low side of expectations. A sharp break in soybeans weighed on corn prices. Not even a revived wheat market could sway the day’s losses.
Interior cash corn markets have steady to softer looking basis levels. The midday posting at the Gulf was slightly softer when compared to Friday afternoon’s posting. Corn spreads ran wider within the crop year but did gain noticeably vs. the new crop despite the lower flat price. I did not think today’s volume was any big deal. I have to wonder if the “holiday doldrums” are upon us.
$5.82 is showing up as a minor downside swing point (March). Closes below this level will attract some speculative type of liquidation. I don’t think the corn market is going to fall apart as my recent bias is that of a trading range market. $5.90-$6.00 represents resistance while $5.75-$5.70 represents interim support. If things were to get ugly the mid-$5.50’s would be the next level of support.
Daily Support & Resistance – 12/14
March Corn: $5.75 – $5.90
July Corn: $5.77 – $5.92
The risk of trading and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.