Corn Commentary
May corn closes unchanged ($3.74), July unchanged ($3.82 ½) and Dec ¼ cent higher ($3.97)
April Chgo Ethanol closes 0.005 cents a gallon lower (1.425), May 0.005 cents lower ($1.446)
Flat price corn appears to be playing the “waiting” game. What are they waiting for – further updates from Brazil and Argentina as to their respective corn crop sizes as well as what the USDA may have to say as to the US’ Quarterly Stocks and Prospective Planting numbers. Tuesday’s two-sided trade with unchanged closes in the old crop and mixed fractional changes in the new crop pretty much says it all.
Most interior cash corn locations’ basis is running either unchanged or slightly higher. Cash movement has slowed to crawl (if that much). The Gulf has stabilized from recent weakness. Corn spreads ran unchanged within the current crop year while new crop gained fractionally on the old crop.
My ideas for the near term have not changed – I’m not expecting much until we see what the USDA has to say as to Quarterly Stocks and Prospective Planting on Thursday. I would like to say these reports will have a bullish slant but unless I have a bunch of money burning a hole in my pocket (which I don’t) I’m willing to just sit for now.
Daily Support & Resistance for 03/28
May Corn: $3.72 – $3.78
July Corn: $3.81 – $3.86
Dec Corn: $3.95 – $4.01
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