(Agriculture.com) – Active selling was seen early Friday, eventually supportive, due to end-of-week light profit-taking.
Weather forecasts were even wetter and cooler, today. Yet, it is likely that corn traders are already thinking that finishing weather for corn will be just fine.
Once again, large end-user or speculative interest was seen today to help offer support during the active selling early in the day. With that support, once again, preventing corn from falling too far early on, light profit taking later in the day was able to work the corn higher.
With most of the push higher, likely tied to end-of-week profit-taking, corn might not be able to find the same support to start next week.
Short-term, the most influence will continue to come from the bean market and short-term weather forecasts.
While Sunday night is unlikely to see fund trade, we don’t want to get too excited about any moves until the start of the 8:30 day session again.
Longer term, focus will have to be on updated yield thoughts, which might start to change in the coming couple of weeks.
BULLS
- Other than a technical bounce, bulls will have to count on help from wheat or beans to put together much of a bounce.
- This market needs to see actual good news for a true bounce, less bad news will likely not cut it if beans are still setting back.
BEARS
- Bears should not only look at the fund position in corn but should also watch the fund position in beans to see if more spill-over pressure can be expected from that market.
- Weather forecasts improved even more today with additional rainfall and now seeing temperatures 2°F. to 4°F. BELOW average in the six- to 10-day outlook.
