After the 20 cent collapse on Thursday, corn was able to push to the green side on Friday, settling at $3.54. The funds bought an estimated 4K contracts, keeping the specs still very short at a 166K short total. The IGC came out with their global corn numbers for 16 and pegged the world production in corn at 993MMT, which is up 21MMT from last year. This has put a little pressure on the overnight and is trading 2-3 lower. The big question on everyone’s mind is how close will final planting numbers be to the 93.6 rolled out Thursday, with the drop in corn and beans maintained rally you will lose some acres there and mother nature still has time to have her say so I wouldn’t be surprised if you saw 1-2mln acres lower if not more. The CK/CN spread traded as low as 3 ¼ on Friday and was 3 ½ to 3 ¾ on the overnight. With not much news to move us much either way, I think we are back in the 3-6 cent trading ranges we had before the reports for now. The CK has support at $3.47 then $3.46 with resistance at $3.74.
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