Corn Report, 04/27/2017

Thursday, April 27, 2017

Corn gave everything back from Tuesday’s rally as talk that Trump was pulling out of NAFTA hit new wires and ALGO’s went to work on the fresh longs as the funds sold off an estimated 20K contracts as the peso crashed supporting the USD, this combined with failure to break the 100/50 cross was another boulder on the bearish pile for the day. Export sales this morning for corn where at 987.9TMT, not to exciting but still very solid and above trade estimates. While rumors continue to float that Trump will be pulling out of NAFTA traders still debate that Mexico corn demand is not going anywhere as logistically and cost there isn’t a better origin that US. There are others that point that just in spite Mexico could make it work pulling corn out of ARG/BRZ but the overall feeling still seems that again this is all jostling for the negotiation table. Looking ahead to today, seeing a little strength on the overnight as rumors have been dispelled for now as of leaving NAFTA, could see some more money flow back into grains, crude is down 100, but big sale in beans could lend some support to that market, mixed trade with some upside. CN has support at $3.66 then $3.62 with resistance at $3.6925 then $3.72.

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