The corn market closed 1 cent lower Friday on commission house selling and some give up panic farmer selling. Funds were mostly on the sidelines. The Commitment of Traders report was out showing the Spec Funds sold 24,000 contracts more than estimated. They are not short 80,000 contracts. The dollar is stronger again this morning which is part of the reason for the pressure today. We look for some commercial buying to show up soon. Resistance in CZ is $3.67 and then $3.72. Support is $3.56 and then $3.51. Technically the market looks like it is stuck in a $3.70 to $3.50 trading range. Basis is firming in the western Corn Belt as end users step up to get coverage. We continue to see some farmer give up selling and a lot of offers coming into the market at higher levels. The CZ/CH spread traded 6 to 7 most of the day Friday, which is slightly wider. South American weather is generally benign as is U.S. weather. Look for a two sided trade today.
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