Commentary: The corn has so much negative to deal with. One wonders when the fundamentals will be baked in the cake. The early trade Friday saw some buying on crude strength. The prevailing weak market took control. The Ethanol destruction is too much to overcome yet. The positive is that the Chinese purchased 570 t tn of corn. They have also been in for sorghum. These are certainly positive inputs, but not enough to break sentiment. The market will eye the supply and demand next week. It is probable that changes will be made to the balance sheet. The tech for corn needs a trade to 350 to be at or above the 14,21 MA. This would indicate a positive turn. Patience may be required.
Trade Suggestion(s)
NA today
Risk/Reward
Futures-
Options –
BE WELL,
John J. Walsh
President, Walsh Trading, Inc.
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