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Did Old Crop Corn Finally Hit A Floor Price?

Hay corn finished the week up 17 cents, largely due to China providing export announcements four days in a row. Each day with an export announcement, old crop corn futures also increased. There has not been a four-day rally on the May contract since early January.

Also last week, it was announced that the funds have been liquidating a significant amount of their long positions since late February. It now seems end users and likely China were buying old crop corn during the pullback.

If the funds move to a holding pattern while farmers are planting, a floor price might have been established. And if more exports are announced in the next few weeks, higher prices are a possibility.

March 20, 2023



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