Poor technical close in corn yesterday providing for more overnight pressure. Open chart gap left Tuesday filled with close near the low yesterday leaves trade outside upward trending channel and price trend.
At 0600 CN20 off 2 ¼¢ at $3.22 with SN20 off 2¢ at $8.68 ¾. Voll on these two contracts a typical 14 and 6K respectively. KCK wheat a scratch higher at $4.31 ½.
Dow futures off 100 points this morning after sharp sell off yesterday. Intensifying worries about the rising number of coronavirus cases has markets attention.
Crude lower this morning on record high U.S. inventories and worries that a resurgence in Covid-19 cases could choke a revival in demand. Spot crude off 50¢ at $37.50
CNCU trading in to 2 ¼ overnight. SNSQ a 3 ½¢ inverse. First notice day on July deliveries next Tuesday and neither have any receipts registered for delivery. Soybean delivery economics under cash values. Corn slightly above.
CZ20CN21 tightening on price weakness? Trading 23 ¾ this morning. High water mark on that spread over the previous 5 years 30 ¾ on a close. Seasonal weakness ahead.
NOAA 7-day precip map still calling for some good rains over the next 7 days across majority of he belt.
Extended weather maps enough to let some air out of the market?
CN20 have enough time to test the $3.009 ¼ low set April 29th?
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