Corn Report, 03/24/2016

Thursday, March 24, 2016

After pressuring the 100MA the day before corn fell back a touch trading down to $3.66 before finishing the day up at $3.6850. Export sales have come out this morning for last week and we are 100TMT below the trade’s estimates, with 803.2TMT sales. With the US reportedly competitive with Argentina’s best bids this will probably come to a shock to the trade and it only puts us farther behind the USDA’s projected pace. Field work has come to a stop in most of the Midwest with the cold weather and storms hitting most of the production area. Producer selling still seems to be sporadic to nonexistent, and have seen the CK/CN spread tighten up to 4 ½ to 4. The funds sold an estimated 6K yesterday and are a est. 200K short, this remains a story with weather and production hiccups are still in the realm of possibilities. With the long weekend here I don’t expect too many fireworks today, steady to weaker with the lower export sales numbers. The CK has support at $3.6575 then $3.5450 with resistance at $3.7175 then $3.7350.

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