CBOT Corn Unable to Break Through Chart Resistance: CBOT corn futures ended lower on Monday. WTI crude oil prices ended well above session lows, but amid ongoing Covid lockdowns in China and coming enlarged OPEC production, lasting bull runs in energy markets are unlikely. Dec corn at $6.60 is a bit overvalued relative to crude…
CBOT Corn Ends Flat; Rallies Capped by Plunging Crude; Non-Competitive US Prices: CBOT corn futures ended unchanged on Friday. Dec’s ability to trade above its 100- and 200-day moving average has turned the contract’s chart pattern more neutral. However, fundamental-based rallies will be labored without ongoing Argentine drought amid aggressive Ukrainian prices and mediocre ethanol…
Corn Ends Firm Despite Export Corridor Renewal: Dec CBOT corn ended 3 cents higher, with spreads tightening and interior US basis levels steady/higher on Thursday. March CBOT’s premium to Dec has eroded to just 1 cent, vs. 6 in mid-November. Strong domestic use and uncertain Sep-Nov residual disappearance will support in the near-term. US corn…
CBOT Corn Ends Flat; Mexican Demand Lends Support: CBOT corn futures recovered from overnight lows and ended just 1-2 cents lower. Firm/rising basis levels across the Central Plains is noted, while Mexico this AM secured a sizable 49 Mil Bu of US origin for 22/23 delivery. South American offers are aggressive nearby, but have become…
CBOT Corn Adds Risk Premium Following Russian Missile Strike; Eyes Turn to International Cash Market: CBOT corn futures ended 9-10 cents higher following Russia’s a barrage of Russian missile strikes in Ukraine, including reports of damage done in a Polish border town. The war is ongoing and the debate over its impact on Black Sea…
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