Corn had another tight bound session Friday, trading only 3 cents, but did close at the high of that range at $3.70. Funds bought 6K contracts putting the total short position to 163K contracts short, still a very large number for this time of year. Even though export inspections, 803TMT, were lower than trade expectations, US corn still made sales in Japan and China last week and is on even footing at the moment with Argentina corn. Planting projections and stocks reports come out this Thursday, expecting bearish/neutral numbers in both stocks and acres for corn, but this report is known for throwing a curve ball into the trade and a chance for a spring rally. Much of the Midwest got a rain/snow mix, slowing field work but getting more moisture into the ground. The delta also received more rain, continuing to delay planting, and I think before all is said and done more bean acres will come out of there with the rally in bean market. The CK/CN spread continues to tighten as well, 4 ½ to 4 ¼ trending downward with producer movement still small to non existent. The CK has support at $3.6575 then $3.54 with resistance at $3.7175 then $3.73.
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