Corn started the week by opening the overnight session lower and then extended losses throughout the overnight and into the day. Early selling was tied to harvest pressure as most are expecting USDA’s Crop Progress report will show another week of rapid progress. Light selling pressure was due to reports of good rains in South America. Good rains fell over the weekend in the northern Brazil as well as in central Brazil. Losses were kept in check by reports that according to Argentina officials, producers there have halted planting of corn due to dry conditions. As of October 11, Brazil officials are estimating corn planting progress at 46% complete vs 41% last week and 49% average. Ukraine officials lowered their corn production estimate to 24 MMT vs 26.8 MMT previously and vs USDA’s estimate of 26.2 MMT. Late session pressure spilled over from the soybean complex and lower crude oil market which was lower on OPEC’s decision to lower demand projections.
In Tuesday’s session corn opened the overnight session lower and extended losses throughout the night and into the day session. Early selling pressure was due to improving weather conditions in Brazil and expectations that today’s Crop Progress report will show rapid planting progress. The morning’s export inspections estimate did nothing for corn as it showed last week’s pace at a marketing year low. CONAB is estimating Brazil’s corn crop at 119.74 MMT vs 115.7 MMT last year and vs USDA’s projection of 127 TMT. Another sharply lower day in crude added pressure. Crude’s sell off was due to reports that Israel’s retaliation will not target Iran oil wells.
Corn opened steady in the overnight session but managed to shake off the last few sessions of selling and push higher on Wednesday. Early support came from technical buying as corn traded to support and uncovered buy orders. Support also spilled over from a little more stable crude oil market and higher wheat complex. Support also came from two impressive export sales. Mexico was in and bought 1.579 MMT of US corn overnight, split between old crop (1 MMT) and new crop (579 TMT). An unknown destination also bought 332 TMT of corn overnight. Gains were kept in check by a weaker soybean complex as well as from hedge pressure as harvest activity in the US is expected to start to pick up momentum now that soybean harvest is on the back side.
On Thursday corn opened the overnight session with small gains but soon turned lower. The market saw session lows early in the day session but was then able to rebound and close with small gains. Support came from strong export demand. On Wed. USDA reported daily corn sales that totaled 1.9 MMT. And more corn sales were reported Thursday: 197,000 MT of corn to Mexico and 101,000 MT to unknown. Technical buying added support. A private analyst in Argentina estimates their upcoming corn crop at 46.2 MMT vs. 50.0 MMT last year due to lower acres as soybeans are more profitable. In addition, farmers want to avoid the problems they had with leafhoppers last year. IGC left their world production estimate unchanged at 1.224 billion metric tons.
Last week’s ethanol production was slightly higher at 1.042 million barrels/day, up 4,000 barrels from last week. Ethanol stocks were at 936 million gallons, up 5 million from last week.
Target $4.35 Dec to advance sales.
Dec corn support is at $3.90 while resistance is at $4.25.
For the week, Dec corn was at $4.0475 down 11.0 cents. March corn was at $4.19 down 14.0 cents.
Corn Weekly Comments Oct 18
Corn Weekly Comments Oct 18
Corn started the week by opening the overnight session lower and then extended losses throughout the overnight and into the day. Early selling was tied to harvest pressure as most are expecting USDA’s Crop Progress report will show another week of rapid progress. Light selling pressure was due to reports of good rains in South America. Good rains fell over the weekend in the northern Brazil as well as in central Brazil. Losses were kept in check by reports that according to Argentina officials, producers there have halted planting of corn due to dry conditions. As of October 11, Brazil officials are estimating corn planting progress at 46% complete vs 41% last week and 49% average. Ukraine officials lowered their corn production estimate to 24 MMT vs 26.8 MMT previously and vs USDA’s estimate of 26.2 MMT. Late session pressure spilled over from the soybean complex and lower crude oil market which was lower on OPEC’s decision to lower demand projections.
In Tuesday’s session corn opened the overnight session lower and extended losses throughout the night and into the day session. Early selling pressure was due to improving weather conditions in Brazil and expectations that today’s Crop Progress report will show rapid planting progress. The morning’s export inspections estimate did nothing for corn as it showed last week’s pace at a marketing year low. CONAB is estimating Brazil’s corn crop at 119.74 MMT vs 115.7 MMT last year and vs USDA’s projection of 127 TMT. Another sharply lower day in crude added pressure. Crude’s sell off was due to reports that Israel’s retaliation will not target Iran oil wells.
Corn opened steady in the overnight session but managed to shake off the last few sessions of selling and push higher on Wednesday. Early support came from technical buying as corn traded to support and uncovered buy orders. Support also spilled over from a little more stable crude oil market and higher wheat complex. Support also came from two impressive export sales. Mexico was in and bought 1.579 MMT of US corn overnight, split between old crop (1 MMT) and new crop (579 TMT). An unknown destination also bought 332 TMT of corn overnight. Gains were kept in check by a weaker soybean complex as well as from hedge pressure as harvest activity in the US is expected to start to pick up momentum now that soybean harvest is on the back side.
On Thursday corn opened the overnight session with small gains but soon turned lower. The market saw session lows early in the day session but was then able to rebound and close with small gains. Support came from strong export demand. On Wed. USDA reported daily corn sales that totaled 1.9 MMT. And more corn sales were reported Thursday: 197,000 MT of corn to Mexico and 101,000 MT to unknown. Technical buying added support. A private analyst in Argentina estimates their upcoming corn crop at 46.2 MMT vs. 50.0 MMT last year due to lower acres as soybeans are more profitable. In addition, farmers want to avoid the problems they had with leafhoppers last year. IGC left their world production estimate unchanged at 1.224 billion metric tons.
Last week’s ethanol production was slightly higher at 1.042 million barrels/day, up 4,000 barrels from last week. Ethanol stocks were at 936 million gallons, up 5 million from last week.
Target $4.35 Dec to advance sales.
Dec corn support is at $3.90 while resistance is at $4.25.
For the week, Dec corn was at $4.0475 down 11.0 cents. March corn was at $4.19 down 14.0 cents.