DTN Closing Grain Comments 05/23 13:56
23 May 2019
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.