End of month, deliveries and further acceptance of the 2023 supply story. February 28, 2023
Month-end selling, deliveries against the March contract, an expectation for a Ukraine export deal renewal and now acceptance of the long term supply change story hit corn today. Today's trade was important on the charts as May broke the last support, the 12/7 low of 636 3/4. Additionally, old crop has now retraced more than 50% of the July to October rally and is officially in a downtrend. New crop December remains in its downtrend with new lows posted today. This confident selling was conducted despite a worsening Argentine forecast.
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