Corn Report, 03/14/2016

Monday, March 14, 2016

Corn finished the week out strong finishing both Thursday and Friday in the green before settling Friday at $3.65. The main story to come out of the end of the week is the amount of rain the delta states received and its effect on getting corn into the ground, and with some areas getting +10 inches we are seeing a little weather premium be put into the market. The trade continues to look forward to the Mar 31st planting numbers, and given the record short position and so far suspect weather I would not be surprised to see some volatility in the days/week ahead of the report. The dollar is up a touch to 96.450 this morning after its collapse at the end of the week, but the sharp down turn should lend some support to the commodity complex. The CK has seen some solid strength this morning and is currently up to trading at $3.66, with a good estimate that we will open this morning’s trade between $3.66 and $3.67. The CK has support at $3.56 then $3.54 with resistance at $3.67 then $3.78.

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