Corn Report, 05/08/2017

Monday, May 8, 2017

Corn finished the very choppy weak on a bounce, trading 7 higher through the day before losing steam and closing up 4. The trade see-sawed as flooding and wet forecast for central/southern Midwest put some volatility in the market, while the northern areas, the ones most behind on planting progress, had a dry warm weekend. The funds bought an estimated 10K contracts going into the weekend, while the COT report showed funds 160K short for the week. The rain soaked areas are seeing a hot and dry first couple days to week but the rains return at the end of the week, so doubts have risen we will get anywhere close to drying out and stories of prevent planting have already started to hit the trade wire. China has started it sell off of reserve corn with a 2.2MMT sale below import values, but with 225-250MMT reserve left more auctions are to come. Looking ahead to today, the trade will have attention on planting progress coming out at 3 today, export inspections at 10am and moves ahead of Wednesday’s WASDE report will start as well. Expecting a mixed day as forecasts fight planting progress, CN has support at $3.67 then $3.63 with resistance at $3.7250 then $3.74.

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