A very quiet news day put slight selling pressure on corn as we kept a very tight 2 ¼ cent range with the funds net sellers of an estimated 5K contracts. The one bit of geo-political news that leaked was a lone Mexican senator that was pushing bills that sent grain demand down into S. America. While on paper this seems like a valid threat, the expense that it would take in logistics/time to switch the flow from US does not make it feasible. Again, no weather issues to spark concern yet out of S. America. Saw good cash movement here the past 2 days, $3.75 was a known selling point but the question now becomes with spring on its way and we get some weakness in flat price will the producer sell-out and look to next year or hold on and ride it out? Outside markets up, the USD is +400pts and the DJ is up slightly with crude down. Looking ahead to today, news again should be very limited, expect another tight range between $3.71-3.75.
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