DTN Closing Grain Comments 05/23 13:56
Corn Hits Major Resistance, Plunges on Farm Aid Uncertainty
Despite some recent technical indications that the corn rally may have gone
far enough for the short term, futures were able to shrug off overnight
weakness and climb higher on Thursday -- until midday. News that the Trump
administration was unveiling a $16 billion new farm aid package and the
resulting confusion sent corn prices reeling, with soybeans and wheat pressured
as well. The second attempt of July corn to breach weekly trend-line resistance
sets up a possible double top at $3.99.
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