3/23/2023 8:00 am
Last week to sign up for the first dates of the Market Index. Sign up ends Friday March 24th.. Averaging window runs from April 3rd through June 30th.
Corn is higher this morning led by old crop. May/Jly corn and soybean spreads pushing to new highs on their inverses. Weekly export sales on corn were toward the top end of estimates at almost 122 mln bu. China the largest buyer of over 88 mln bu (most of this booked when CK broke to $6.20-6.10). Japan next largest buyer.
Open interest in corn was up 9k contracts on yesterday's trade action. Resistance for May corn toward $6.45-6.50 short term.
Weather forecast still wet and cold into early April for most of the Northern Midwest (and wet for the Ohio River valley).
Look for end user support on dips.
Dropped US exports by 75 mln bushels which was in line with average trade guess.