Corn came out of the gate slow yesterday just like the turkey it is, as the bean complex had a big rally, corn traded even to 1 over most of the day till the end of the session, CZ rode the gravy train known as the bean market and we were able to touch and trade at $3.50 a little before we closed the day at $3.4975. Funds bought an estimated 10K contracts as the grains continue to show force against a 13 year high dollar and a 15BLN bu crop. Once again the CZ/CH spread failed to break the 8pt mark and continues to fluctuate between 7-8. Export inspections came out at a cool 876tmt, in the trades range but on the lower end, we need to average 1.092Mt per week to reach the USDA’s estimate. S.A. weather remains unchanged, solid moisture profile for Brazil and Argentina will be light on the rain but has good chances of improvement. With the holiday week the markets are known to do strange things, so I am not reading too much into day-day action as the fundamental picture still remains the same. Looking to see a mixed trade today, heavier on the weaker tone. CZ support at $3.4625 then $3.40 with resistance $3.5025 then $3.55.
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