Corn Report, 03/18/2016

Friday, March 18, 2016

Corn had a strong start out of the gates, the CK rallying up to $3.72 on with funds doing some short covering buying, but that was quickly sold into hard by commercials as producer price targets where hit and we settled the day at $3.6850. Corn export sales had a strong showing of 1.227MMT, which has pushed corn only 6% behind USDA projections. The dollar collapsed again, falling 1,124 points closing at 94.801, this continues to keep US corn competitive with Argentina corn for the time being, with 437.3TMT bought from Japan and 52.5TMT to China. Spreads have tightened up with producer selling being sporadic, currently the CK/CN is at 4 ½. Forecasts have cold weather coming through the Midwest that should slow done spring work a bit, but it sounds like corn will start going in the ground the next 2 weeks, with the delta still drying out the thought is some acres will be going to beans. The CK has support at $3.65 then $3.54 with resistance at $3.72 then $3.78.

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