Corn needs to see expansion of geographic concern. July 18, 2022
Corn added a little price premium today but we won't call it impressive. A settlement of +7 cents indicated the trade was unable to hold the day's peak trade at +20 cents. December has built a good base of trade in the prior two weeks from 570 - 600. It does not have the lit match yet to push back to the 38.2% retracement of 643 1/4 or the 50% mark at 666 1/2. The potential Ukraine deal, last week's disappointing USDA report and a more moderate weather threat are issues.
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