Corn continued its down week yesterday as CZ came within a cent of breaking the $3.30 mark, before closing at $3.3125, down 6 cents for the day. The funds sold off an estimated 18K contracts, the continued rain and cooler temps and reports from Pro farmer tour has kept the bearish hand heavy on the market. Export sales yesterday came in for OC at 71.1tmt which is well under the already low trade expectations and which looks like a 227mbu dragged into 16/17 as we missed export projections. NC had a solid sales day with 1059.3tmt and lends support to the talk of the strong US export demand. But with premiums lowering in Argentina and Ukraine showing aggressive offers are starting to get in line with US offers and make things a little competitive. Expecting today to remain under pressure, but it feels like we could get a little bounce off the 4 day drop, some spec/fund guys taking quick profits for the week. CZ has support at $3.31 then $3.24 and then resistance at $3.39 then $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.