Corn Commentary
May Corn closes 2 cents higher ($3.57 ¾), July 2 cents higher ($3.65 ½) and Dec 1 ¾ cents higher ($3.81 ¾)
April Chgo Ethanol closes 1.7 cents a gallon lower ($1.540), May 1.2 cents lower ($1.564)
For what it is worth – 7 out of the last 12 years the average trade estimate for the March Quarterly Corn Stocks report has been too low while the average trade estimate for Prospective Corn Plantings has been 50/50
It wasn’t much of a trade on Tuesday; just a 3 cent range albeit higher but also quiet. Now that the spec trade is a net short in the market I think we can expect to see additional consolidation (with some minor short covering) ahead of Friday’s USDA data.
Interior cash markets continue to be quiet. Where there is change basis levels are better as movement remains minimal. The Gulf market edges higher as well. Corn spreads within the crop year ran steady on the day while the old crop gained fractionally on the new crop.
Daily Support & Resistance for 03/29
July Corn: $3.62 – $3.69
Dec Corn: $3.78 – $3.85
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.