Another WASDE report gone and pass and it seems the last month didn’t even happen as there were no changes in the corn numbers, and the market reflected that with a tight 4 cent trading range, the CK settling at $3.595. This doesn’t come as a shock and most traders have been overlooking this report and thinking about the planting numbers report coming out the 31st, this report has a history of throwing a wrench in the market because the numbers they post defy logic, so that could be our next chance at a hard flat price rally. The big news of the morning is the ECB dropping rates to 0% which has pushed the dollar even higher, currently up 1,091 points, which will just keep the pressure on commodity exports. The silver lining in this is the REAL and other world currencies should catch the same bounce upward as the dollar and keep us somewhat competitive. The country seems to have seen a little strength in the processor basis with some areas up a couple cents, but producer movement remains low to nonexistent with field work going/starting in almost all areas. The CK has support at $3.56 then $3.54 with resistance at $3.625 then $3.78. Looking to see the CK stay steady to grinding lower today.
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