EDWARDS MARKET THOUGHTS

3/1/2024 8:00 am

Corn is mixed this morning after rallying the last 4 sessions on light short covering. Resistance being found from $4.32-4.35, which could trigger some short covering if able to push above there. Just 3 contracts of March corn deliveries seen last night.

Interior US corn basis levels are steady to firmer with pace of US farmer selling slowing now. Today at the Commodity Classic, Ag Secretary Vilsack and EPA Administrator Regan are to speak about GREET and its implication for ethanol and SAF. Some rumors popping up that they will indicate the details are still being worked out. This would be a disappointment to the US ethanol industry as they were wanting something more definitive announced today.

Given the 4 day rally of just over 23 cents/bu, not surprising to see some consolidation heading into the weekend.

 


Charts

 

2/8/2024