Cuts to Argentina cannot stop corn from falling
After a nice bounce overnight in both corn and soybeans due to the Rosario Grain Exchange cutting Argentina corn and soybean production to 35 MMT & 27 MMT respectively. This was much lower than USDA’s 40 & 33. Later in the day, the Buenos Aires Grain Exchange cut to 37.5 and 29. But with all that cutting corn and soybeans still finished lower. Corn could not find any buying at lower prices. It felt like managed money was trimming longs going into the weekend. The weakness in the May contract could open up a run at 6.00 in the short term. Corn has moved back into an oversold situation and not spent much time there lately. Next support levels are 6.03 & 15.05 and resistance falls at 6.23 & 15.32.