Afternoon Comments 10/22
Wednesday’s soy reversal weighed on corn futures. The corn market seemed to power higher today, especially with the soy complex leading the way higher. However, bullish bean traders couldn’t sustain early gains, with the reversal sending a decidedly bearish technical signal as well. That apparently spurred bullish profit-taking in corn. December corn futures settled 3.0 cents lower at $3.53/bushel Wednesday afternoon, while May sagged 2.5 to $3.76.