Corn Market Recap – 3/31/2017 | RJO FuturesPosted 03/31/2017 3:36PM CT |
May Corn finished up 6 3/4 at 364 1/4, 2 1/2 off the high and 9 1/4 up from the low. July Corn closed up 6 3/4 at 371 3/4. This was 9 up from the low and 2 1/2 off the high.
December corn closed sharply higher on the session and up 8 3/4 cents for the week after posting a new low for the year on Monday. The USDA grain stocks report for corn was considered bearish versus trade estimates as March 1st stocks came in at 8.616 billion bushels compared to the average estimate of 8.534 billion bu. (8.205-8.900 billion range). The USDA Prospective Plantings report was considered bullish versus trade estimates as March 1st planting intentions came in at 89.996 million acres versus trade estimate of 90.9 million acres (89.0-92.5 million range). The report news was mixed, but the smaller acreage for the new crop season is a more supportive force than the higher than expected stocks. The market may have reacted more to the upside if it were not for the bearish news for soybeans. Yet with the managed money trend followers short as much as 100,000 contracts, short covering going into the growing season is possible. Support for December corn in at 381 1/2, with 391 1/4 and 394 as initial resistance. A close over 394 would leave 413 1/4 as upside target.