A reminder US grain markets are closed Monday in honor of MLK Day. Next CME session is Monday night.
March corn continues to hold $5.85 support level heading into the 3 day weekend. Weather maps still calling for rain event for Sun/Mon in northeast Argentina and another event toward end of next week.
Funds are thought to have sold 16k contracts yesterday and open interest was down almost 10k contracts. Open interest in the March was down 22k contracts as the Mar/May spread touched -2.25 cent carry.
Farmer selling remains quiet on old crop with slight uptick in Dec '22 and Dec'23. Ethanol margins stabilizing yesterday as corn futures gave up more ground than ethanol prices. The industry still needs to see better performance from the railroads. Support for March corn at $5.85 and $5.75 with resistance at $6.00.