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Corn market exploded yesterday on hot, dry weather – June 20, 2012 - INTL FCStone Blog
International Assets Holding Corporation > INTL FCStone Blog > Posts > Corn market exploded yesterday on hot, dry weather – June 20, 2012
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Corn market exploded yesterday on hot, dry weather – June 20, 20126/20/2012 9:31 AM

CORN: LOWER
The corn market exploded higher yesterday on a hot, dry weather forecast, with Dec leading the way. Disappointing rains over the weekend and a week of above normal temperatures are leading traders to expect another lower crop rating Monday night. There is a cold front developing late this week across the northern Corn Belt that may bring some scattered rains across the northwest belt. The forecast continues to change and some models are adding a little more moisture to the 6 to 10 day forecast. But when that time frame gets here, we still might not receive much. That prompted the break today. There is a good portion of the belt that has lost a lot of potential for a good yield. That will keep the market volatile for the near future. Support for Jul is $6.05 and then $5.75. Resistance is at $6.24 and then $6.35.

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