March corn tried to trade higher most of the day yesterday, but closed ½ cents lower on moderate volume. Funds were mostly on the sidelines. Export sales this morning was 0.762 MMT. We were looking for 0.900 to 1.200 MMT. This should be considered disappointing. The DOE weekly ethanol report was out yesterday with production still high at 7.084 million barrels per week and a 4 thousand barrel draw down of stocks. This was supportive to the market yesterday. Resistance in CH is $3.58 and then $3.63. Support is $3.48 and then $3.44. The CZ/CH tightened slightly yesterday trading from 12 down below 11 cents. There have been no deliveries the last few days. The market continues to be stuck in a 30-cent trading range of $3.70 to $3.30 for the next few months. Farmer selling remains slow and basis is firming slightly. We expect to see a volatile – choppy trade. Corn continues to follow the bean and crude markets which are trying to be higher, but stay sold up. We are looking for a two sided trade today.
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