Beans could offer the largest short-term guidance for this market when trading between the recent range, but corn should still expect to find solid support near 340 and also large resistance anywhere in the 360s. Going forward, let’s look out for any fund trading adjustments to this market and significant demand news otherwise looking for choppy sideways trade.
- Demand continues strong, which will offer small bounces now and then along with strong support on pullbacks.
- Bulls should know to expect resistance in the 360s, and to break that level would likely need fund help or another major surge in exports.
- Sellers know to expect resistance in the 360s for March as that is the level corn has turned around at five times since October.
- Corn bears would either like to see fund selling or a major pullback in beans (if palm oil starts to drop) in order to pull the corn lower.