Another relatively quiet day in the corn complex as we traded 1 higher closing the day at $3.62 as we had tight 4 cent range with the funds buying an estimated 4K contracts. The big news on the outside markets which was somewhat expected was the Fed decision to lift interest rates .25% for the 2nd time in a decade. The dollar in kind has rallied hard 2,970pts as chart technical have little resistance on the upside. Export sales published this morning where a very robust 1.516MMT easily beating trade high est. of 1.10MMT. Mexico and Japan continue to lead the destination list of US reportable exports, with double the intakes of this time last year. But again we are in weather/demand market and while the demand is there, SA weather has kept the market in check as buyers looking ahead see even cheaper grains once South America comes online. Looking ahead to today, with the huge export numbers in corn and especially in beans I would not be shocked to get a knee jerk reaction out of the market today, a run up to $3.65-$3.70. In the same breathe In the same breathe I exercise caution as with each good weather day in SA brings a bigger crop and that weighs heavy on the market and the reason why we have straddled $3.60. CH has support at $3.55 then $3.50 with resistance at $3.64 then $3.71.
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