Corn Spends Christmas Eve on the Defensive
Strong export/sales were seen today at 804K tonnes. Not only was that number large enough to avoid disappointment but it even beat the high end expectations of analysts. Corn still spent most of the day on the defensive likely due to so few traders being around to add support. Total volume was extremely low which was expected for Christmas Eve.
Due to low volume trade, the bulls should not give up hope that corn will see a bounce back from these sales unless corn continues the grind lower to start next week. Volume for the entire next week should also be low but certainly enough to react to the strong export report seen today. March has a contract low of 362 1/2. Support beyond that goes to the continuous chart where follow up levels are 356 and 346 1/2...
— Ryan Ettner
• Strong exports were seen today of 804K tonnes, while there was no immediate bounce bulls should not be discouraged yet
• Even though volume will be lower than average next week, bulls will still want to see some type of bounce early next week
• The dollar spent this week grinding lower, while much more is needed to see a true effect on exports it will be helpful if the grind continues
• Bears have had a recent advantage that no news or waiting for news has been on the side of the sellers recently
• Sellers should avoid chasing corn lower at these levels but have solid resistance to sell from again in the mid 370's.
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