The corn market price has not kept up with soybean meal or other outside grain markets, which may give corn a boost for domestic feed usage. December corn pushed above the $4 level and it was the highest that contract has been since last summer. Support for corn continues to come in the way of Argentina and Brazil weather. Rainfall coverage this weekend was less than half of an inch and only 15-20% coverage of the areas that are in need. This is the lowest rain totals for Argentina since 1980, while too much rain has fallen in parts of Brazil.
A meeting is scheduled for today between President Trump, key senators and cabinet personnel to discuss potential changes to biofuel policies. The managed money traders have also flipped their net short position to a net long position. This is the first time these traders have been long since august 15th, 2017.
May and December corn futures are both running into resistance at 380 and 400. The 200-day moving average comes in at 380.25 for May corn. Support for May is at 374.75.
Corn May ’18 Daily Chart