Corn saw a 3rd day of solid fund buying as the market pushed away a bearish FC stone yield of 175.2, and CZ closed the day up at $3.4825 with the funds buying an estimated 6k contracts. Gulf values have dipped though as the market understands we need to remain competitive on the world stage as Ukraine values in both corn and wheat have become competitive. News does seem limited as harvest continues, we are seeing the 6-10 wetter for the Midwest and plains look to be drier in the west but wet in the east. This will slow harvest down, but a lot of corn is still coming out of the fields. Outside markets are mixed this morning, S&P and DJ are both up this morning, as Europe and Asia are down a touch. Farmer selling has help cap the past 3 days fund covering, and any large rally will see a healthy amount of farmer selling. Looking ahead to today, it will be interesting to see if the funds continue their buying or have hit there “3 day” limit and will see a slight slide back, that’s what I am looking for, mixed to weaker. CZ has support at $3.40 then $3.34 with resistance $3.5050 then $3.60.
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