Dec Corn finished + 4.25 at 652.25 14 off the high and 6.25 up from the low.
Mar Corn closed up 4.50 at 665.75. This was 6.25 up from the low and 13.75 off the high.
Dec Corn saw some early strong gains but the market moved from sharply higher on the day and drifted well off of the early highs as the buying slowed later in the session.
The rise in energy markets and across the board in commodity markets helped spark the early strength as there appears to be less concerns for European economic woes and the USD fell sharply to add to the positive tone.
The Corn harvest reached only 15% complete as of Sunday which was lower than expected.
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South Korea bought 110,000 tons of corn, 55,000 tons of feed wheat and 55,000 tons of meal.
The push back up through the 200-Day Moving Average was seen as a technical factor which relieved fears of continued long liquidation selling from fund traders and speculators.
Thoughts that officials in Europe are working on measures to calm Euro debt issues helped support the across-the-board buying for commodity markets.
Thoughts that September 1st stocks might be 40-50-M bu above the recent USDA forecast of 920-M bu may have been one of the factors to help the market give back a big part of the early gains.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.