CORN: EASIER

Post 429 of 799

Corn continues to trade in a nervous, choppy pattern closing down 5 ½ cents for the week, but 1 ¼ higher for the day Friday. Funds bought 2K contracts on Friday. The trade will be trying to decide how much corn was planted last week in the northern states. Planting was progressing in those areas until Saturday when rains started. We still expect that 5 to 6 MA remained unplanted as we approach the prevent plant dates into late May and June. Basis is steady to generally firmer in most areas helping to support the market. Resistance in CN is $4.80and then $4.87. Support is $4.70 and then $4.57. We continue to see technical support at the 200-day moving average ($4.72). The rains did develop across much of the western Corn Belt as anticipated, but we are looking at a warmer and drier pattern developing this week. The market was testing the 200-day moving average again last night on ideas that most of the Corn Belt is receiving ideal weather creating possible record yields.

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