The corn market closed 2 higher in a moderately slow volume day, with funds a small buyer, but mostly on the side lines. The main reason for the recovery was the shortness of the Spec funds. The market is giving us more of the same today. We are slowly moving towards the holiday markets. Resistance in CZ is $3.64 and then $3.68. Support is $3.56 and then $3.51. We continue to see some panic and give up farmer selling, with small amounts of commission house short covering and commercial buying. We expect to see a $3.70 to $3.50 trading range for a while until the moving averages catch up and maybe we can get a technical signal to buy. There is just not a lot of new news. Exports remain slow and feed demand seems to be reduced due to low livestock margins. South American weather generally seems to be improving with over 60% of Brazil and over 30% of Argentina planted, but South American weather seems to be our best mover and shaker. Look for a two sided trade today.
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