Corn Report, 08/17/2016

Wednesday, August 17, 2016

Another tight range bound trade for corn yesterday, as CZ saw some action to $3.3925 before scaling back a bit to close the day at $3.3725. The funds where estimated to be a net even on the day, with wetter forecasts being called for the most of the corn belt, along with cooler temps hitting earlier next week. Limited news and the trades distrust of a 175 yield number from USDA has kept the lid on much market moves, the funds sit at solid short position and it seems everyone who wants to be short is. But with continued favorable weather and temps, the downside feel is still very strong. With producers looking $3 NC, corn basis has been steady, selling has not been prevalent, but the time is coming where do they sell now or wait to see what the last month will bring. With the overall opinion that yield is now 170+ at least there is not much upside on either basis or flat price. The USD dropped 830 pts yesterday, with not much support till we reach June’s lows of 93.00 we could see contraction continue. CZ support at $3.32 then $3.28, with resistance at $3.42.

Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.

Market Intelligence Free Trial

Meet the Team

Kansas City, MO
1251 NW Briarcliff Parkway
Suite 800
Kansas City, MO 64116
Tel:+1 (816) 410-5079



Our privacy policy has changed. View our privacy policy to learn more.