Early in the day-trading session, Friday, corn started quiet but later on picked up support as time moved closer to the release of the extended weather maps.
Trade put in some light support just before the extended outlook and those maps didn’t disappoint today, still putting heat into the forecast on days 13 through 15. Seeing the forecast remain the same as yesterday helped to keep support in this market, right up to the close.
It should be very clear that weather maps are all corn traders need to watch right now. Some forecasters had suggested earlier in the week to watch out for high pressure ridges. So, if Monday’s map still shows heat we can expect more support again.
All focus in this market will be on the Sunday night and Monday morning weather maps. If heat is still seen we can expect continued support and if that heat is removed we might see a pullback all the way to recent lows yesterday morning. Given that the weather threat is in the forecast 14 days out anything is possible when trade resumes Sunday night.