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Bulls and bears struggle for power today – May 29, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Bulls and bears struggle for power today – May 29, 2012
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Bulls and bears struggle for power today – May 29, 20125/29/2012 8:24 AM

CORN: MIXED
Corn this morning will be mixed as bulls and bears struggle for power with fundamentals lending a hand to both sides. Many areas of the Corn Belt received rains over the holiday weekend, and while the nearby outlook looks to be on the dry side, long term is still well above average for the corn growing regions. Ukraine is reportedly shopping three MMT of 2012/13 new crop corn, though it should be noted it is not a large amount. Heavy liquidations in the funds shorting corn added 21,377 net contracts. Look for support in corn around $5.73 and resistance at $6.34 ¾, and we should trade both sides of the market today.

Kyle Smith, Mike O'Dea, Ben Parks, Collin Hulse, Ingrid Gronlund