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Market prepares for USDA Report Tuesday

12/06/2013 @ 3:41pm

Two-sided, low volume trade dominated the day today. Once again, the underlying news remains slightly to the bearish side, but the trade is looking for a slightly bullish report on Tuesday which is keeping support in this market. 

The trade is looking for carryout to go from 1.887 billion bushels down to 1.871 on Tuesday. Obviously, this is only a small cut of 16 million bushels off carryout which isn’t highly supportive but is good reason not be an aggressive seller today. 

Beans and wheat are each expecting more bullish reports on Tuesday which could also lead to spill over support. 

Right now, there is reason to leave corn at current values or to trade small 4 cent ranges, but no reason to be an active buyer or seller. This could change on Tuesday, if given a surprise report.But, for now, both bulls and bears appear to be happy leaving this market right where it is. March corn is not sitting at contract lows and also not up at recent highs, leaving this market ready for any number that Tuesday will offer. Short term, look for more sideways trade at least up to the December crop report. Given no surprises on this December report, look for corn to continue drifting lower expecting larger production to be seen on the January report.

Trade Recommendations:

Sell March at 445, risk to 455, objective 422

Sold March at 435, risk to 445, objective 419


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