It looked like corn was going to be able to hold on and keep this rally going keeping the trade around $3.70-$3.72 for the majority of the trading session before falling off at the end and closing at $3.66. The funds sold an estimated 9,000 funds during this quick down turn with not much news to keep any steam in this rally. It feels like the producers have sold enough on this rally to start weakening basis out in the country, combine this with it being grower, seed, and chemical meeting season it will take another large futures rally to get the producers attention again. Ethanol demand and production is lower with the state of crude and weaker outside markets. The overnight session was higher and have gained back some of the ground we lost at the close, currently trading at $3.70. Support on the CH is at $3.56 then $3.48 with resistance being $3.72 then $3.80.
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