03/02/2023 Corn Bounced Best Overnight-Dollar is Still Too Strong for Commodities

Fertilizer Prices Fall with Natural Gas and Grain Prices/ Cost of Carry rises as 6-month T-bills are Now Paying 5%/ Still No Relief from Argentine Drought as May Soybeans Test 15.00 Resistance/ Rumors of New Export Demand on CBOT Break/ The Black Seas Corridor, which is Dysfunctional as is, ends March 18th if Either Party Fails Files a Formal Objection On the Grains: Looking at a corn price chart, we have been in a bear market trend since last October and even the friendly USDA Annual Production Report did not change that. Commercials are bidding off the May contract and cash corn prices are not $7 here in NW Iowa anymore as basis only improved locally 1 cent on what was a 60-cent loss in futures to Wednesday’s low. Has farmer psychology changed? I do not think so. Everyone who was bullish before the break seems even more bullish now after it or because of it. Selling weakness is not advised but selling rallies still is. Technical resistance for May corn is at wave-4 of lessor degree near 646. I had nearly forgotten who Biden’s Secretary of Agriculture was it had been so long since we had heard a peep out…