Corn Report, 05/23/2017

Tuesday, May 23, 2017

The strength that closed out last week flowed continued to flow into the market yesterday as a wet 7 day forecast for the entire Midwest then technical took over as corn broke through that 100MA and ran up to $3.77 before we saw a slight sell off into the close. The funds where an estimated net buyers of 8K contracts as the managed money crowd continues to stay heavy short. Export inspections came out strong with 1.14MMT loadings for last week and keeps exports on track to best USDA projections by 160mln bu. We have seen some weakness come back into the market as planting progress report yesterday is in line with last year and the average, with MN and ND well ahead of pace, while IL and NEB are a bit behind. Replanting will have to be done mainly in IL belt, with rains still in forecast this will be difficult but the trade does not seem concerned as of yet. Looking ahead to today without a technical rally to bring in some money flow the bearish fundamental picture will rule the day and we will work lower and remain in our range bound state. CN has support at $3.73 then $3.69 with resistance at $3.77 then $3.7950.

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