The selling will not relent

Overnight- Corn and wheat traded lower while soybeans finished just over settlement.

March options expired on Friday and some were looking for the bottom to be established in the futures market with lack of stops being triggered below $4.00 in March corn.

The low was not established yet with weaker trade on Sunday night.

Funds are now record short the corn market and are estimated to be short around 384K contracts.

This is getting to feel like blood in the water time with first notice day this week.

Need to see value buyers down here but they may wait for later in the week.

South American weather is offering no help so far.

Bottomline

The story remains the same but the lower we go the more we expect value buyers to step in and help carve out a bottom. Let’s watch 3.95 for good support in May corn and 11.25 in May soybeans. NFC Grain Comments Options -new (4)

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