SIDEWAYS CORN TRADE FOR REST OF 2016, SAYS ANALYST.

Slightly defensive trade was seen today, which might have simply been attributed to some pullback going into the end of the week closer to a more middle of the road price level.

It was another strong week of demand, which could raise the level we should expect support to come into this market. Last week the low price in March was 350 1/4 and today's low was 353 1/2, which might already be showing the added support from strong demand.

It's tough to suggest much movement for either direction over the next two weeks.


 News will remain slow and volume will also continue to slow, which continues to suggest sideways trade to the end of the year. Corn traders should pay attention to outside markets for short-term direction and watch news in beans and wheat just as much as corn. Let's still expect resistance in the 360's with initial support found in the low 350's with strong support anywhere in the 340's.

Bulls

• As long as demand continues strong there is reason to expect better support and even possibly reach closer to 370
• Bulls can look for better support but want to avoid looking at breaking 369 resistance simply due to low volume trade the next two weeks. BY RICH NELSON.

Bears

• Wheat could be the market which would most likely weigh on corn short term, bears will want to watch wheat closely
• Most important over anything else right now bears will want to see demand slow and take away much of the support currently being seennotice. There is no guarantee that the advice we give will result in profitable trades.

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