Corn Report, 12/23/2016

Friday, December 23, 2016

Corn held a very tight and uneventful 2 cent trading range yesterday as the holiday season is in full swing and attention has turned to last minute gifts and travel plans, with CH closed at $3.4725 with the funds showing a net even position on the day. Corn is down 3% on the week, shedding 10 cents along the way as S. America has had very beneficial rains throughout the week and forecast continue to call for more, outside markets also pulled money flow out of commodities with the DJ run at 20K. Other than S.America weather fundamental news is very limited, demand picture will become even clearer after the New Year and we will have a new administration to keep things interesting. Looking ahead to today, again looking for a tight trading range as trading activity should be low as expected, a mixed bag trading on both sides. CH has support at $3.4650 then $3.43 with resistance at $3.5075 then $3.54. Put your feet up, enjoy the time with family and friends and Happy Holidays!

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