Dec continued its trend lower today, giving up 87 points to settle at 65.01, its lowest close since Oct, 2009. The settlement was within the lower one half of today’s 139 point trading range (64.60 – 65.99).
Dec moved lower, largely on continued mild weather conditions over the US Corn Belt and increasing value of US currency despite reported new crop export sales of 147K MTs (6.75M bu) into Columbia.
For tomorrow…
Dec continued its trend lower today, giving up 87 points to settle at 65.01, its lowest close since Oct, 2009. The settlement was within the lower one half of today’s very 139 point trading range (64.60 – 65.99).
Technical bias for the front month remains bearish. Dec has again settled below all of its major SMAs.
For tomorrow…
Dec corn picked up 5 cents today to settle at 376¾. Much of today’s move higher was attributed to bullish news in the soybean market. Volume slowed while OI continues to expand.
Nov soybeans surged to a gain on the day of 24¼ cents, settling at 1107¾ on a weather forecast of generally dry and cool weather over the Midwestern US and continued export demand from China. Volume quickened considerably today while OI was near unchanged for the Nov contract.
For tomorrow…
Dec picked up 53 points today to settle at 65.88. The settlement was within the upper one half of today’s very tight 73 point trading range (65.32 –66.05).
Technical bias for the front month remains bearish, although indications of the market being oversold are fading. On a daily basis, money flow indicators are no longer in an oversold condition.
For tomorrow…
Dec cotton gave up 239 points this week while trading an expanded range just above 400 points. The bottom, so far, came today at 64.53 – 3 points above where we expected it could fall, although we take little pleasure in being correct in the analysis. Dec is off over 1800 points in the last 12 weeks.
Significant initial support will likely be encountered near 63.75 and continue downward to near the 60.00 level.
Dec corn gave up 6¾ cents this week while trading a 12½ cent range. Volume slowed considerably this week while OI expanded by approximately 31.5K contracts.
Nov soybeans gave up 1¾ cents this week while trading a 52¼ cent range. OI increased slightly while weekly volume increased by approximately 20K contracts.
For next week…
