Corn Report, 10/05/2016

Wednesday, October 5, 2016

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.

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.

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