Post 469 of 799

Cold, rainy weather supported the corn market yesterday allowing it to close 8 higher in old crop and 5 higher in the new crop. The Spec Funds bought 10,000 contracts making them long 275,000. Most of the news is about weather. After 3 or 4 days of rain scattered all over the Corn Belt, we are starting to look at a slightly drier pattern. We will see very little progress this week, so Monday night’s report will be behind. We need to be in the low 40% planted nationally, but will probably be in the low to mid 20s. Resistance in CN is $5.24 and then $5.32. Support is $5.13 and then $5.01. Technically the market tried to retest the recent highs and failed. We need a close above $5.24 by the end of the week, or we could see a pretty big retracement. The wheat market could help support the corn market. Basis is firmer in the western belt. The CK/CN is still trading 5 1/2 to 6. Look for a mostly weaker trade today.