Corn Report, 01/17/2017

Tuesday, January 17, 2017


CH finished out report week down ½ on the week but showed some strength to close the week out, funds were an estimated net zero as we have remained range bound for all of Jan $3.50-3.60. S. America weather has the market flexing its muscle a bit this morning as wetness in Arg has bean buying action taking place, but with conditions in Brazil good/improving any losses should be absorbed. The USD is down 550 pts on the index and down against all 10 competing currencies as President Elects comments that the dollar is to strong hit’s the market, 7th day down for USD. DJ is off a bit this morning as with the failed run for 20K has seen a sell off and money seems to have flowed back into commodities for the time being, crude up +.85. Looking ahead to today, does the 8:30 trader bring more buying power or do we sputter and see a bit of a sell off, I am expecting to see some more strength test $3.65, but a sell off at the close or before is likely as bullish sentiments waver off. CH has support at $3.55 then $3.52 with resistance at $3.63 then $3.66.


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