9/21/2023 8:00 am

It's a macro money flow day with US dollar up sharply and US equities, commodities and gold down after the US Fed yesterday afternoon hinted current interest rate levels might be here to stay.

Open interest in corn jumped almost 19k contracts yesterday and has increased almost 48k contracts the last 3 sessions. It appears to be commercial/end user pricing into fund/farmer selling.

Expect to see large jump in the fund short position in Friday's CFTC report. Corn yield reports starting to improve in areas of SD, southern MN/northern IA while IL yield reports so far also running as or better than expectations. Wet weather the next several days will slow harvest slightly.

Resistance for Dec corn at 4.85 and support at $4.67 3/4.

9/12/23