10/25/2016 8:20:02 AM
Corn traded both sides overnight in a narrow range. It is steady to start.
The daily pivot point for CZ is $3.49 1/2 which worked as resistance overnight. There is support at $3.44 3/4.
Open interest in corn was up more than 6,000 contracts on Monday in light volume as end users stepped up to own the break.
A South Korean feedmill bought 66K tons of optional-origin corn for Jan arrival.
The US has harvested 61% of the corn crop, close to the five year average with the heaviest progress in MO, IL & IN.
Ethanol plant bids were mixed in IA & NE but MO, IL, IN and OH saw mostly steady markets.
A big picture look at corn shows we need to lose acres and/or increase use next year. Doesn't happen with higher prices. Corn carryout of 2.320 bbu increases to 2.528 bbu next year with no acreage change, unchanged demand and trend line yield.