Corn Market Recap
Dec Corn finished up 3.50 at 644, 2.75 off the high and 13.75 up from the low.
Mar Corn closed up 1.50 at 652.75. This was 11.50 up from the low and 2.25 off the high.
A lack of producer selling and some increased support from end users on the early break were seen as factors to support the market to close higher on the day and well up from the early lows.
A turn up in the US stock market and energy markets helped break the bearish psychology seen in many commodity markets overnight to see a solid recovery off of the early lows.
China GDP numbers showed growth of just 9.1% not the 9.3% expected and this was the slowest growth in 2 yrs which sparked a negative tone for commodity markets overnight.
Weekly export inspections came in at 21.17-M bu which was well below trade expectations and compares with 34.2-M necessary each week to reach the USDA projection for the year.
Slow producer selling is providing underlying support while traders see active harvest weather ahead as a negative.
Nov Rice finished down 0.265 at 16.26, 0.04 off the high and 0.07 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.