Morning and noon weather maps offered a change adding in more rains for the areas of highest concern to the Northwest. This resulted in quick selling bringing corn back from recent gains. It seems a little early to make the claim that this market is about to fall apart again as it is much easier to sell back recent bounces than to sell through new contract lows. At the moment this market still has a heavy feel to it but today’s slide might appear a bit more bearish than it really was. Yesterday saw low volume buying, today saw moderate volume selling.
Will sellers keep up this pace and make new contract lows? That is yet to be seen. If so…
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