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.

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