Price action: May corn fell 3 3/4 cents to $6.13 1/2, posting a mid-range close.
Fundamental analysis: Corn was unsuccessful in extending Friday’s gains despite strength in SRW wheat and a wavering U.S. dollar as Russia confirmed the possibility of a 60-day extension to the Black Sea grain deal. Negotiations began today between U.N officials and Russia’s Deputy Foreign Minister Sergei Vershinin on a possible agreement as the deadline of March 18 inches closer. Russian officials have asserted contention around the deal’s parameters, noting Western sanctions on the country’s payments, logistics and insurance industries which have “created a barrier for it being able to export its own grains and fertilizers.”
Safrinha planting efforts in Brazil continue to advance, albeit at a slower-than-normal pace. AgRural reported the center-south of Brazil reached a completion rate of 82% as of Thursday, a 12-point advance on the week, though progress continues to lag behind last year’s pace of 94% by the same time. Significant delays were noted in Mato Grosso do Sul, while sowing has virtually concluded in Mato Grosso and other states.
USDA reported weekly export inspections of 999,388 MT for week ended March 9, which was up 66,076 MT from the previous week and towards the top-end of the expected pre-report range between 500,000 MT and 1.225 MMT. Inspections continue to run 37% behind a year-ago.
Technical analysis: May corn traded an 11 3/4 cent range, ending the session mid-range after dropping below initial support of $6.09 1/2 in the overnight trade. A sustained breach below the level will find bears then working towards support at $6.02 and then $5.97 1/2. Conversely, attempts higher will continue to face resistance at $6.21 3/4, then $6.26 1/2 and $6.34.
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