There is a sense of relief on virus issues overnight and it is possible that the uncertainties have reached their peak. Coronavirus was the major source of pressure all week long, as there are some doubts that China may not be able to fulfill their side of the trade deal agreement when it comes to purchasing our ag products. Corn prices followed through from Wednesday’s move and had another down day in yesterday’s trading session. Export sales came in at 1,234,700 tonnes for the current marketing year and 143,600 for the next marketing year, for a total of 1,378,300. This was well above trade expectations for sales near 600,000-1.2 million tonnes. Many regions of South America did not receive rains in the week ending January 28th. Precipitation is one thing that can ease the damage of high temperatures. These are still not considered “significant” weather threats right now. Resistance comes in at 382 and 387 while support comes in at 376 and 374.
