Corn Report, 03/17/2017

Friday, March 17, 2017

Corn posted a 3rd day of gains as a weaker dollar and solid export sales spurned some new money flow back into corn, but we were unable to break the 100MA and run it up to test $3.70. Mexico and Japan where the big buyers in export sales as US corn is now 15MMT over the yoy estimates made by the USDA. Beyond export sales and the talk of China buying corn it has been a very slow week in news, which in turn means acres/planting will be talked to death as we now sit less than 2 weeks away from the 31st. Overnight trade was very quiet, chalk it up to march madness or the trade celebrating St. pats but the corn complex traded roughly 12,500 contracts total, with wheat complex trading only 2K! It is unlikely we will see the market make on hard move either direction here before the report, we could see a little premium priced in as traders look to catch a corn lower acres surprise. Looking ahead to today, St. Pats, March Madness it is expected to be a relatively quiet day as traders look for some distraction from a quiet market. Mixed trade with a possible run at $3.67 but another tight trading range today. CK has support at$3.63 then $3.60 with resistance at $3.6650 then $3.69.

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