Corn Report, 05/03/2016

Tuesday, May 3, 2016

Corn continues to stay on the high end of the trade as it is supported by the ever rallying bean market and a continued to down sided dollar and Brazilian safrinha crop that continues to be pressured with weather and was lowered 1MT so far. US corn planting progress came out yesterday and has USDA has it pegged at 45% as of Sunday night, it might be a bit of slow going early this week but should be in full action as the week progresses. With the current rally in bean market it will be interesting to see if any acres where “bought” away from corn, at the current planting pace it would suggest not as a higher planting rate tends to correlate to higher acres. With the rally on the board we have seen even more weakness in country basis as there still remains plenty of corn available, and NC bids continue to work a bit lower as we continue to have no weather/planting issues and expecting to carry large amounts of OC into harvest in the country. CN has support at $3.8150 then $3.5125 with resistance at $3.9525 then $4.0725.

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