Corn Report, 09/23/2016

Friday, September 23, 2016

CZ took a little tumble yesterday as we were unable to close above the resistance level of $3.40 we took a few steps back to $3.3675 with the funds selling off an estimated 6K contracts. It looks as though we will hold our range of the past 2 weeks $3.30-$3.40 as the market continues to tread water as we fight the weather to get harvest in full go-go mode. Like mentioned yesterday quality of the crop chatter is making its way to the surface as more and more cob rot is being reported, if this trend continues you could see more corn dumped on the early market to keep the grain out of the bins/piles. Basis remains unchanged in the country as producers have turned away from the markets to focus on harvest and with the current pricing levels it probably was not hard to do. Its being reported that NE Iowa say 10 inches of rain yesterday, not what they need but should get warmer drier weather the next 6 days and a good chance to get into fields. Overnight is down 2 pennies, while the trend is lower, you could see some buying action ahead of the weekend with protection over the weekend, but again just expecting a side-ways grind. CZ support at $3.3225 then $3.25 with resistance at $3.42 then $3.5050.

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