| Fundamental analysis: Nearby corn futures extended higher for the third straight session as export demand has proven solid this week. A wavering U.S. dollar and upside efforts by crude oil futures drove prices to mark notable gains into the close. USDA reported a daily sale of 641,000 MT for delivery to China in the 2022-23 marketing year, with sales over the past three days totaling 1.920 MMT. USDA’s weekly export sales for week ended March 9 also proved steady, with net sales for the week totaling 1.236 MMT, which was down 13% from the previous week, but up 28% from the four-week average and near the top-end of pre-report estimates which ranged from 700,000 MT to 1.5 MMT. Uncertainty around the extension of the Black Sea grain agreement looms as negotiations continue following Russia’s requirement for a 60-day extension. The U.N. is backing both Turkey and Ukraine in calling for a 120-day rollover of the agreement, with spokesperson Stephane Dujarric stating, “meaningful progress has been made but it is true that some obstacles remain, notably with regard to payment systems,” though “efforts to overcome those obstacles will continue unabated.” U.N. data shows that China has been the biggest single beneficiary of the UN-brokered grain corridor deal, with 24.7 MMT of product now exported from Ukraine through the agreement. Of the total, 5.4 MMT, or nearly 22%, has been shipped China, with the bulk of the total being corn. Technical analysis: May corn traded a 10 1/4-cent range and grasped a close above initial resistance of $6.30 1/2 as bulls attempt to regain the full near-term technical advantage. Additional resistance of $6.34 1/2 was breached during the session as traders carved a session high at $6.35. The level will now serve as initial resistance, with further resistance standing at $6.40 1/4 and then at the 40-day moving average of $6.58 1/4 and the 100-day moving average of $6.63 1/2. A push lower, however, will find support first at Tuesday’s close of $6.26 1/2, then $6.20 3/4 and $6.15 1/4.
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