Corn continues its surprising rally as we built off Monday’s gains and topped out yesterday at $3.83 before settling at $3.8225. Beans continue to give support to the whole complex as US corn planting has been slowed a touch this week with rains but is still well above average pace, and the trade grapples with how much stress has been put on Brazils Safrina crop and how much US corn will cross the border. The spec funds s have been taking advantage of this time to start short covering and going long, but with the progress in US planting, plentiful moisture in US and some relief in Brazil can we continue this trend the next week? The opinion is that we are seeing some OC and NC values that given the current fundamental landscape is hard to support. Exports remain strong as the dollar has trended lower for the week. Saw good trade at 5 on the CK/CN spread and that continued on the overnight, producer selling has dried up if they where going to sell at these prices they would have done it last week, and are in full planting mode. CK has support at $3.72 then $3.5125 with resistance at $4.0725.
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