Corn Market Recap: 3 October 2011
Dec Corn finished unchanged at 592.50, 6.25 off the high and 20.25 up from the low.
Mar Corn closed up 0.25 at 606. This was 20 up from the low and 6.25 off the high.
Dec Corn closed unchanged on the session but up more than 0.20 from the overnight lows.
Macro economic worries plus weakness in the stock market and energy markets helped to pressure the market early in the session.
In addition, traders still see active harvest this week and there is still talk that producer yield reports are coming in better than expected.
Dry weather was experienced last week in the western corn belt and the Midwest looks dry and mostly sunny this week; nearly ideal for harvest.
However, talk of the oversold condition of the market plus ideas that commercial end users and maybe even China could be bargain hunting over the near-term added to the positive tone into the mid-session with the market trading slightly higher on the day.
Weekly export inspections came in at 28.4-M bu which was below trade expectations. Weekly exports need to average 33.9-M bu each week to reach the USDA projection.
Traders will monitor the weekly crop progress reports for release after the close.
The COT report showed a massive long liquidation sell-off for the week ending Tuesday and talk of the oversold condition of the market supported corn late despite continued weakness in the financial markets.
November Rice finished up 0.04 at 15.99, 0.03 off the high and 0.14 up from the low.
Paul A. Ebeling, Jnr.
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.