Corn Commentary
May Corn closes ¾ cent higher ($3.58 ½), July ½ cent higher ($3.66) and Dec ¼ cent higher ($3.82)
April Chgo Ethanol closes 0.6 cents a gallon higher ($1.566), May 0.5 cents higher ($1.588)
Weekly Ethanol Grind – 1.054 million bpd vs. 1.044 last week – Stocks – 23.3 million bbls vs. 22.6 last week.
Weekly Corn Export Sales – old crop vs. 900 K – 1.200 M T. expected – new crop vs. 100-300 K T. expected
Spinning wheels go round and round and the end result is a fractionally mixed higher close. The overnight trade saw higher prices – the daytime trade saw lower prices. Minor short covering late lifted prices to fractional gains on the day. Overall it is a quiet trade and rightly so given the old crop (Quarterly Stocks) and new crop (Prospective Plantings) reports due out on Friday.
Interior cash corn markets have a firm tone them as movement is near non-existent. The Gulf market also edges up. Corn spreads ran fractionally firmer on the day in response to the better basis levels.
For the next 1 ½ days I’m not looking for much; the bias remains for consolidation with a very slight upwards bias. Why the upwards bias; the spec trade continues to be a decent sized net short.
Daily Support & Resistance for 03/30
July Corn: $3.63 – $3.69
Dec Corn: $3.79 – $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.