Traders were able to find some strength at $3.55 and start placing a small floor in here after a 6 session sell off. The funds where estimated net buyers of 4K contracts as a quiet news day and the trade bouncing off 4 month lows lended some buying support ahead of Friday. With the corn acre number range 87-92.5 it feels as though the market is pricing in a 90.5ML number here ahead of the report. But with acre/stocks talk been the only bit of news here the past several weeks many traders are waiting for Friday to pass and move on with focus turning to weather in SA and the US spring. The dollar has seen a bounce since it gapped lower Monday, up almost 900 pts as of this morning. Crude strength and leading indication of money flow into commodities has waned here today after last weeks mixed trade. Producers who still own cash seem to be looking for the weather rally we have seen the past couple years, and with the funds net short 100K again the fuel is there. Looking ahead to today, mixed trade with a tight range, looking to see corn test the $3.62 resistance but still a chance for more sell off ahead of the report. CK has support at $3.5475 then $3.50 with resistance at $3.5950 then $3.62.
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.