Corn has carried its momentum into the new week as we continue to make new 3 month highs as the CK it hit $3.84 before settling the day at $3.81, and CZ touched $3.92 then finished at $3.90. The overnight trade has maintained this strength with beans leading the complex as it has been for the past month. The funds bought an estimated 12K contracts yesterday, putting us to 96K contracts short, in the past week the funds have short covered an est. 60-70K contracts. Export inspections last week were a strong 1.09MMT, which now puts us at 2% behind the USDA projected pace, and a sign that we remain competitive in the world market as Brazil handles with its political unrest and remaining on par with Argentina. Corn planting nationwide came in at 14% up 10% from last week but still lower than some expectations. We are on pace to set a record on planting, if weather can cooperate, giving some thought that maybe beans won’t buy back as many acres as thought. CK/CN spread traded at 4 yesterday and maintained that overnight, CK has support at $3.63 then $3.4725 with resistance at $3.84.
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