USDA Finds Smaller Corn and Soy Old Crop Stocks, Planting Risk Remains March 31, 2023
Traders went into the 11 am Central report with a head full of steam for old crop. They ended it the same way. Smaller 3/1 old crop stocks helped the May push past the 61.8% retracement mark. This was the best trade in over a month for May. There were no China buys this morning. New crop floundered with trading on both sides and a near unchanged close.
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Possible light fund short covering yesterday
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Funds sellers of 21K, slightly higher support due to exports
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SA maps still look solid for rains in the 10 day
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Trade expects strong exports and more 8 AM announcements
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Open interest continues to fall drastically
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