Corn again was in another very tight 4 cent trading range, closing just below the high at $3.3975, funds bought an estimated 8K contracts. News continues to be sparse as we head into harvest season, and even more yield discussions. Export sales were lower than estimates for OC at 167.4tmt which is expected with the marketing year coming to a close, but NC showed solid sales again on the high range of estimates at 1.042tmt. From a technical look it feels like we have formed a bottom and should support us until we hit harvest, fundamentally yield picture still dominates the talk but given chance basis will be lowered as logistics and local market will demand it does. From a producer side as harvest approaches marketing takes a back seat as harvest unfolds, producer offers should be encouraged as a “risk” strategy. Today expecting the action to remain side ways trend, with some lower pressure coming from the overnight to start the day. CZ has support at $3.32 then $3.28 with resistance at $3.42 and $3.46.
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.