USDA Kicks The Can

Slight disappointment was noted in corn as USDA did not recognize the trade's expectation of an old crop stocks decline. The charts provided more interest with higher trade in the morning before the report, back to yesterday's gap fill, then lower close back below it. Old crop is so far holding above its 50% retracement mark. New crop December remains quite weak with today's close only 11 3/4 off the low from March. There should be significant early planting this week in the south and central areas in the Midwest.

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