If the corn market was measured on "the best of three" matches as some sporting events are, gainers would be the big winner after Wednesday's session. Nearby corn futures closed higher two of the last three trading sessions, creating some great expectations for the week.
But a longer look at the recent corn market shift makes it look much less impressive. The longer stretch of corn market moves points to two positive days in the last 12 sessions.
However, the fact that some feel the corn market may be turning a corner could be giving some hope to the market. Additional support may be hard to find as more focus is put on growing conditions and current weather conditions through most of the Corn Belt.
Ethanol futures helped to draw some support from the higher corn market close Wednesday. This limited volume and movement in the market will do more for market stability than anything else, as the overall trend of the market remains soft. Traders will continue to follow the corn market direction, but there is going to have to be a strong upward market trend before traders quickly and aggressively step into the ethanol market in either the futures or spot markets.
Rick Kment can be reached at firstname.lastname@example.org
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