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Corn Market - Just My Opinion


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Flat price corn tries to run higher with surging soybean and soybean meal prices but fails to follow through due to sagging wheat prices. The end result was just fractionally higher settlements. I find it interesting that trade chatter has been talking about a resurgence of feed grain buying from China yet the market fails to respond. Attitude is that we have the feedgrains to sell. I also find it interesting that the trade is getting all worked up over the ongoing/forecasts dry conditions in Argentina when trading soybeans but it seems like it is falling on deaf ears when it comes to corn.

Interior cash corn prices continue to show a steady to higher bias. The best interior basis continues to come from the Midwest processor. The Gulf seems quiet at easier levels. Corn spreads ran steady to fractionally easier. If youre waiting for some sort of spread improvement to signal the flat price may be ready to sustain a rally watch the old crop/new crop spreads. They continue to run flat just above contract lows.

The charts continue to show the double bottom in flat price corn. Attempts to sell off over the past couple of days are still holding at suspected support levels. Unfortunately when prices try show rejection at these support levels the attempts to rally fall flat. As I mentioned the other day I doubt anyone trying to be long will want to see March corn close below the $3.52 level.

Daily Support & Resistance for 12/06

March Corn: $3.51 - $3.58

July Corn: $3.67 - $3.74

Trading Futures is Risky - Be Careful of what you're willing to risk



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About the author


Tom Fritz is a third generation commodity futures trader. His grandfather and his father were traders on the exchange. Tom began his career in 1971 with Tabor Grain which was later acquired by Archer Daniels Midland. Prior to co-founding IFG in 1994 Tom was the lead Chicago Board of Trade floor analyst for ADM. He produces Just My Opinion, a daily grain commentary that is well respected and viewed all over the world.

 

 

Contributing author since 11/7/2017 

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