bolditalic

Corn Report, 02/02/2017

Thursday, February 2, 2017


Corn came out swinging yesterday as fund buying started the day our strong as the bounce off $3.55 was strong enough buy signal, which was also helped with a solid uptick in crude and bean rally. Then the Fed’s decision and review took money out of the USD and into commodities at the close and we saw a large amount of buying. The fundamental picture has not changed, and there is not a fundamental story out there that would lend solid bullish sentiment to this market, this rally feels as it is strictly technical and money flow. Export sales this morning where another robust 1.143MMT, no changes in S.America forecasts, USD is down again this morning 300pts, crude is up a touch. Looking ahead to today, with yesterdays close the market is looking for a run at $370.75 again today, if we fail at these levels again it could start off a large sell-off. CH has support $364.75 then $3.61 with resistance at $3.70 then $3.7550.


Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.

Market Intelligence Free Trial

Meet the Team

Kansas City, MO
1251 NW Briarcliff Parkway
Suite 800
Kansas City, MO 64116
Tel:+1 (816) 410-5079

;
;