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ADM Investor Services said, “Prices were down $.09-$.12 today while spreads also weakened with many making new lows. July-26 has violated support at this month’s low and its 100-day MA. Next support is the April low at $4.48 ½. Dec-26 made a new low for the month while also slicing through its 50-day MA at $4.86 ¾.” The Hightower Report said, “In talking with a Washington DC source this morning, we were told not to rule out China corn purchases down the road even though specifics were absent out of the summit. China’s modus operandi historically has been to play things close to the vest and keep traders in limbo until prices fall to a level China believes purchases would make economic sense.”
