March corn made a new low yesterday at $3.57 only to settle 5 ½ cents above that low at $3.62 ½, up 1 ½ cents for the day. Funds bought 4,000 contracts (maybe more). Beans and wheat led the way higher with corn following. There is very little new news to talk about. We wore out South American weather and nothing too negative developed there. Resistance in CH is $3.66 and then $3.71. Support is $3.57 and then $3.47. We continue to see commercial buying at lower levels. Flooding on the river has closed the Mississippi at St. Louis for now. About 85% of Illinois and 50% of Missouri are covered by flood warnings. Rumors of China lowering reserve selling prices added pressure to the market. We are still looking for an increase in commercial buying as we get to the end of the year and some of the selling dries up. Corn is higher this morning, following wheat and beans.
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