Corn Report, 01/29/2016

Friday, January 29, 2016

Corn finally had a little action but it was to on the downside as we broke through the 50/10 MA trends and saw most of the trade stay between $3.66/$3.67. The funds came in and pressured this with selling an estimated 7,000 contracts pushing the total short position to -167K contracts. Same story persist, which is there is none, no real weather/production events, no geopolitical uprisings, just a lot of corn with stable demand. The short fund position is about the only bullish card in the deck at the moment and it could be a 10-15 cent rally or 1.00, depends on market back ground when these funds start moving. Same story with producer/commercial, the producer has clammed up for the most part and commercials claim to be covered for the next 30-40 days. The CH/CK spread has been able to widen out a bit, 4-3/4 to 5. Equities market had a positive day after an up and down week, will be interesting today to see if it gets a case of the down Fridays. CH has support at $3.65 then $3.48 with resistance at $3.72 and $3.79.

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