The funds continue to load up on corn again which is driving the May contract higher. Corn open interest was up 23,052 contracts this morning! Wheat and soybeans also closed higher.
The funds are still clearly supporting the corn market but we did see a favorable ethanol report today with declining inventory and increased production. The market is still waiting for the highly anticipated March 28th reports for direction. Tomorrow we have the weekly sales data at 7:30am. Estimates are as follows:
Corn: 300,000 – 600,000
Soybeans: 600,000 – 800,000
Wheat: 800,000 – 1,100,000
Source: Dow Jones Poll
Next target for May corn at $7.47 ½
May 2013 Corn
Next target for December corn at $5.69 ¾ (that’s the 50 day moving average)
December 2013 Corn
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