Corn: May corn settled up 4 ½ cents at $3.78 ½ which is the highest settlement in 4-months. For the week, CK gained 16 ¼ cents. New crop CZ settled at $3.88 ¼ which was only a 3 week high settlement. For the week, CZ gained just 2 ¾ cents. The funds came for it this week, driving May higher. However, New Crop CZ continued to be un-able to breach the $3.90 level, failing there for the 9th time in the last 2 months. Word of a sale of 344K MT to “unknown” was supportive. Also supportive was rumors that China will delay its old […]
Post USDA on the 3/31, we have had a nice rally back in CK, despite a very bearish USDA planting number which estimated 93.6 million acres will be planted by US farmers this spring.
That report capped off a 27 cent down-draft and new contract and multi-year low for corn.
Two things I’d watch:
1) The managed funds are still short 150K contracts of corn. A 15 cent rally in CK from the low over the past 8 trading days has yet to spark major short covering by managed funds.
2) Technicals: The favorite of many traders and analyst, […]