Corn Report, 03/03/2016

Thursday, March 3, 2016

Not much action again in corn as it traded in another 2-3 cent trading range, with funds a net 0 for the day and still at an estimated 173K contracts short. Bids in the country seem to be steady to 1-2 cent push here and there, with no interest from ethanol plants who are content with not pushing off posted, as they continue to get an enough of a trickle of corn in to keep things going. PNW rail bids have dropped off a couple cents in the nearby and 1 cent off the deferreds. Export sales have come out this morning for the week of the 25 at 1097.6 tmt, which is solidly at the high end of trade estimates, but still well behind the pace needed to reach USDA final number. Can attribute some of these sales off the long lines in Brazil, but with the Argentina peso making record lows this week I can see those sales and more coming out of Argentina this week than in the US, which could be why PNW walked there bids back a touch. The CK has support at $3.55 then $3.54 with resistance at $3.6175 then $3.7875.

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