Corn Maintains Support at 20-Day Moving Average; Cash Market Indicates Tightening Supply: May CBOT corn ended 5.5 cents higher. Fresh news is lacking but the interior cash market is not indicative of abundant supply. Spot basis in Central IL is the strongest since 2013. The odds of a bearish stocks surprise are not zero –…
Corn Follows Wheat/Soy Lower; Funds Pare Length: May CBOT corn ended 7 cents lower amid broad commodity liquidation. What fresh input is available continues to be bullish. ARC maintains a strategy of using sub-$5.40, May, to add to spring supply coverage. Recall managed funds last Tuesday were long a net 371,000 contracts – a 9-week…
Corn Unwilling to Break on Firm US Cash Basis: May CBOT corn ended firm. Fresh news is limited but the prevailing thesis remains centered on rising interior basis levels – particularly for summer delivery – and the need for the return of rainfall across C and N Brazil. Sustained weakness requires bearish Dec-Feb feed/residual data…
Corn Rebounds in an inside Trading Session; Midwest Basis, Brazilian Weather Important: CBOT corn futures ended firmer in lackluster volume. The market is acutely aware of risks associated with Dec-Feb feed/residual and activity between now and Tuesday will simply be based on position squaring. Post-USDA report weakness will be absorbed quickly with a new US…
Funds Pare Length in Slow Volume/Corrective Monday; Fundamental Input Stays Bullish: CBOT corn futures ended weaker in another session dominated by risk-off trading ahead of next Tuesday’s USDA March Stocks/Seeding Report. Yet, ARC’s work maintains that any post-USDA break will be absorbed quickly amid ongoing concern over exportable US and South American supplies. Brazil’s interior…
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