Corn felt the pressure of a fund sell off as the market continues to collapse under the pressure of not breaking out of the 5 month range, funds sold off an estimated 6K contracts as corn was down 4.25 for the day. Limited news compounds the issue of the technical failure, with S. America weather forecasts showing no stress and that Argentina might even come out better than expected has become to weigh on the market. Export inspections where again a robust 1.061MMT. With the thoughts of no weather event in S. America and now the estimated to be sitting on the long side the bearish tone feels even heavier with the thought of the 2.3BL carryout could grow, with the export market being the only real bright spot it is shadowed by what some believe is a overestimated feed number from the USDA. USD is down 400pts this morning and has broken the 100 support level. Looking ahead to today, as we approach the $3.55 support level I would not be shocked to see some strength here as the markets will tread water as we wait out S. America and exports numbers remain solid. But any sniff off a large crop down south could have a knee jerk reaction from funds and a large sell off. CH support at $3.55 then $3.51 with resistance at $3.5975 then $3.61.
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