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Look for nervous, choppy trade today – June 8, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Look for nervous, choppy trade today – June 8, 2012
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Look for nervous, choppy trade today – June 8, 20126/8/2012 8:21 AM

CORN: EASIER
December corn exploded higher yesterday on a dry weather forecast and temperatures that are heating up. The dollar was lower and funds bought 14K contracts. No major changes in the weather forecast. Still looking for some rain chances, but most of the belt is not expecting any major amounts or coverage early next week. The northwestern portion of the belt has the best chances. After taking a breather yesterday, the dollar is back up 800 points today. Support for July is $5.60 and then $5.51. Resistance is at $5.98 and then $6.10. Look for a nervous, choppy trade today. I would not be surprised to see another two-sided trade today.

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