Corn Report, 05/22/2017

Monday, May 22, 2017

Corn caught some strength on Friday after the fall back from Brazil allegations as replanting talk and forecasts were able to push the scandal news to the side for a moment. The funds bought an estimated 12K contracts going onto the weekend, the managed money large short position still remains in play. Rains through the weekend and a forecast for spotty rains through this week will slow any replanting that is needed as the trade is looking for a planting progress number to be around 85% the fear of not getting the crop in has passed. CZ17/CH18 finally traded 10 at the end of last week after flirting with it all week. Looking ahead to today, CN is running up right against the 100MA and if broke could start to see some ethical buying come into the market. But this week will be a back and forth between the wet nearby forecast and the development of the Brazilian scandal. At the break we are right at the 100MA, will need some more strength from the 8:30 trader to keep this going, or the bearish fundamental picture will force a sell off again. CN has support at $3.6975 then $3.68 with resistance at $3.7450 then $3.77.

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