With the nearby forecast now showing a decline in temperature and higher chance of precipitation, with highest chances in the northern states, we saw corn take some steps back, with the CZ getting up to $4.39 before settling on the day at $4.29. The funds were an estimated net seller of 14K contracts. But the 11-14 day forecasts remain drier for most of the corn belt with spotty precipitation chances in central/western belt with higher chances in the eastern. Export sales this morning are a on the very low end of the trades estimates with 909.7TMT sold for OC and 178.7TMT for NC. The past up tick in the dollar was a driving force in this, but it is under toned with Brazilian crop now half way through harvest. Talking with our offices around the corn belt it seemed to be in agreement that corn ratings will probably drop a couple of points next week with the past hot weather, but with the current rating of 75% the cause for concern remains low for the time being. The CN has support at $4.20 and resistance at $4.39.
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