This information is provided by Archer Financial Services, Inc. 800-933-3996.
It was a volatile day that set the trading range for the week in corn market this week. For the most part the weekly trading range in this holiday shortened week was set on Wednesday. The grains started out sharply higher, but failed on profit taking, bearish ethanol data and technical selling.
The market has officially entered the "weather market" phase and right now the outlook is not favorable for planting progress. Very little progress will be reported this week and it will be a challenge to get a third of the crop in the ground prior to May 1st. Some weather outlooks are watching a ridge of high pressure that may develop in the first week of May.
It will be this feature that will set the stage for the trade early next week. If the weather outlook remains moisture laden, then look for December corn to test its contract highs my the middle of next week. The Commitment of Traders Report will be released at its normal time on Friday afternoon.
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