02/28/2017 8:16:11 AM
Corn traded higher throughout the overnight session, bouncing on stabilizing cash markets and a lack of March deliveries. It is 2-3 cents higher to start in turnaround Tuesday type action.
CK7 found support at the daily pivot point ($3.69 ¼) and is testing first resistance at $3.71 ½; next resistance would be $3.74 ½.
Open interest in the March contract fell to just 35K on Monday (-74K); volume was heavy on the March liquidation.
South Africa estimated their corn crop at 13.92 mmt, bigger than trade estimates (13.1), including 8.3 mmt of white maize and 5.6 mmt of yellow.
Israel issued a tender to buy 85K tons of corn, 45K tons of feed wheat and 30K tons of barley.
Heilongjiang joined other Chinese corn-producing provinces in offering subsidies to end users to buy corn; they are offering feed producers over $1.10 per bushel for local corn bought by the end of April.