CBOT Sheds Weather Premium Amid Improving Argentine Forecast; Export Demand Still Lackluster: CBOT futures ended 5-6 cents lower following lite but welcomed weekend precip in Northern Argentina and as a pattern of heat and complete dryness is no longer anticipated as January approaches. Whether La Nina’s coming demise translates to regular rain in the next…
CBOT Corn Ends Unchanged; Firming US Basis Offsets Regional Argentine Rainfall: CBOT corn futures did very little on Friday, with volume and enthusiasm still lacking. The market remains directionless as late Dec/early January as South American weather is awaited. March CBOT will struggle above $6.60, but where values trade within a range of $6.40-6.70 will…
CBOT Corn Ends Firm; Recover Struggling at 20-Day MA; All Eyes on Argentine Weather into 2023: Corn ended firm but is unwilling to trade through chart-based resistance as Argentine weather beyond Dec 25th1 is awaited. The EU model features better rain chances across key producing areas in the north of the country, and this must…
CBOT Corn Recovery Struggles at Chart-Based Resistance: Corn futures ended slightly weaker as bearish ethanol data fought against a warmer/drier 10-day Argentine forecast. Both the lack of demand growth and widening Argentine moisture deficits are important, fundamentally, and an ongoing choppy, neutral price trend is most probable into year’s end. South American weather dominates price…
CBOT Corn Ends Weak as Ukrainian Shipments Resume; Argentine Forecast Still Worrisome: CBOT corn futures ended slightly lower amid negative demand input. Concern over the lack of current and upcoming soil moisture in Argentina is noted, and the addition of weather premium becomes more intense if the pattern there fails to change in the next…
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