Corn traders this week will be closely monitoring the latest coronavirus headlines and the updated USDA supply and demand numbers. The following week, traders will be focused on the new crop projections released at the Ag Outlook Forum. For the time being, prices in the MAR20 contract appear comfortable trading in a sideways pattern between $3.75 and $3.95 per bushel, an area this market hasn’t ventured outside since early-December. Technically, it continues to feel like more heavy support and resistance lies just outside the above-mentioned range. To the upside, the heavier long-term resistance still remains in the $3.95 to $4.15 range. On the downside, the heavier long-term support remains in the $3.60 to $3.75 range. It will be interesting to see if either of these areas is challenged during the next two weeks. Fundamentally,
Spring Crop Revenue Insurance Guarantees: Prices will update daily during the month of February as the price average is determined.
Corn $3.92 (Avg. close of the DEC18 contract during Feb)
Soybeans $9.18 (Avg. close of the NOV18 contract during Feb)