CORN: STEADY – EASIER

Post 677 of 799

The corn market continues its quiet, sideways trade having only a two and half cent trading range Friday. Last night was only two cents. Corn is testing the low end of the $4.48 to $4.38 trading range we have fallen into. Farmers are frantically trying to harvest corn this week before the rains hit today and for the next two or three days. Most traders are looking for the USDA to increase exports in the Nov. 8th S&D. The Commitment of Traders report had a few surprises, but was what we were expecting for corn. Resistance in Dec. is $4.45 and then $4.48. Support is $4.38 and then $4.32. Harvest is expected to be 55% to 60% complete on tonight’s report. It should slow down this week. Farmer selling has been picking up a little the last few days because of reported huge yields. Several elevators were closed over the weekend because they were full. Basis has been firming in the western Corn Belt. December/March is slightly firmer at 12 to 12 1/4. As usual, look for a two-sided trade today.

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