CBOT Corn Extends Recover, Breaks Through Chart Resistance on Argentine Weather: Nearby CBOT corn futures rallied 8-9 cents as Argentine forecast trend warmer and drier in the first half of January. ARC estimates that some 70% of the Argentine crop will have been seeded this week and the need for rain becomes immediate beyond the…
CBOT Corn Adds Risk Premium; March Trades Through Major Moving Averages; Argentine Rainfall Early January Critical: CBOT corn futures rallied and ended near session highs on hope for improved Chinese demand in Q1 2023 and as weather forecasts over the weekend trended drier in Argentina. There’s broad agreement on improved rain chances there early next…
CBOT Corn Corrects on Argentine Precip, Weaker Export Sales: CBOT corn futures ended slightly weaker, though chart support at $6.54, March, remains intact. Liquidation occurred following unexpected rainfall in Argentina overnight and as export sales through the week ending Dec 15th fell below the pace needed to meet the USDA’s target. Export sales totaled 25…
CBOT Corn Breaks Through Chart Resistance on Bullish Black Sea News; Ongoing Net Soil Moisture Loss in Argentina: CBOT corn futures settled sharply higher as Ukrainian President Zelenskyy’s visit to Washington collided with reduced Ukrainian production estimates and a lack of change in Argentina’s forecast into Jan 5th. It’s tough to find short-term bearish input.…
CBOT Corn Jumps to Test Chart Resistance; Argentine Forecast Stays Arid: CBOT corn ended higher on Tuesday as model guidance lacks soaking rainfall in Argentina and far southern Brazil into Jan 5th and as South American fob basis rally to near parity with the US Gulf. Ethanol margins remain deflated and real improvement in export…
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