To start the week corn opened the session higher and extended gains throughout the session. Early support came from weather forecasts calling for warmer drier conditions for Argentina. BAGE is estimating their soil moisture level at 81% adequate to optimal, down 7% from last week. Light support spilled over from the other grains as both wheat and soybeans were higher right out of the gate. Technical buying added support to corn as most months bounced off Friday’s lows. March corn is back testing its $4.65 resistance level. Position squaring ahead of Friday’s report was also evident. Most are expecting USDA to increase exports and maybe feed demand in this month’s numbers. Currently corn’s export shipments pace is 25% ahead of last year’s.
Corn opened Tuesday’s session lower and extended losses throughout the night. Early selling was tied to reports of hit and miss showers in Argentina. Although these rains will not save corn, it will maybe buy time until the next rain system starts in 2 weeks. Losses were trimmed by reports of a sale of 110 TMT of corn to Columbia. Support also spilled over from the higher wheat complex. Expectations for friendly numbers from USDA’s reports on Friday added strength. Gains were kept in check from tariff concerns. Technical buying added support like wheat and corn is testing major resistance.
In Wednesday’s session corn traded on both sides of unchanged in a tight range overnight. The market slowly lost ground in the day session and closed with small losses. Technical selling and the higher US dollar pressured corn. Corn took the path of least resistance lower as Wednesday’s session had a lack of news and traders waiting for Friday’s reports. Census data reported Nov. corn export shipments totaled 185.2 MB, a 6-year high for the month. Last week’s ethanol production dropped 9,000 barrels/day to 1.102 million barrels/day, which was at the low end of trade estimates. Ethanol stocks came in at 24.148 million barrels, up 509,000 barrels from last week and a 33-week high as seasonally stocks build at this time of year.
On Thursday corn opened the overnight session steady but managed to trade with small gains throughout the night and extend those gains once the day session closed. Expectations that Friday’s reports would be friendly helped support corn. Gains were kept in check by weather forecasts calling for rain for Argentina, but not until 6 to 10 days.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Mar corn was at $4.705 up 19.75 cents. May corn was at $4.795 up 21.25 cents.
Corn Weekly Comments January 10
Corn Weekly Comments January 10
To start the week corn opened the session higher and extended gains throughout the session. Early support came from weather forecasts calling for warmer drier conditions for Argentina. BAGE is estimating their soil moisture level at 81% adequate to optimal, down 7% from last week. Light support spilled over from the other grains as both wheat and soybeans were higher right out of the gate. Technical buying added support to corn as most months bounced off Friday’s lows. March corn is back testing its $4.65 resistance level. Position squaring ahead of Friday’s report was also evident. Most are expecting USDA to increase exports and maybe feed demand in this month’s numbers. Currently corn’s export shipments pace is 25% ahead of last year’s.
Corn opened Tuesday’s session lower and extended losses throughout the night. Early selling was tied to reports of hit and miss showers in Argentina. Although these rains will not save corn, it will maybe buy time until the next rain system starts in 2 weeks. Losses were trimmed by reports of a sale of 110 TMT of corn to Columbia. Support also spilled over from the higher wheat complex. Expectations for friendly numbers from USDA’s reports on Friday added strength. Gains were kept in check from tariff concerns. Technical buying added support like wheat and corn is testing major resistance.
In Wednesday’s session corn traded on both sides of unchanged in a tight range overnight. The market slowly lost ground in the day session and closed with small losses. Technical selling and the higher US dollar pressured corn. Corn took the path of least resistance lower as Wednesday’s session had a lack of news and traders waiting for Friday’s reports. Census data reported Nov. corn export shipments totaled 185.2 MB, a 6-year high for the month. Last week’s ethanol production dropped 9,000 barrels/day to 1.102 million barrels/day, which was at the low end of trade estimates. Ethanol stocks came in at 24.148 million barrels, up 509,000 barrels from last week and a 33-week high as seasonally stocks build at this time of year.
On Thursday corn opened the overnight session steady but managed to trade with small gains throughout the night and extend those gains once the day session closed. Expectations that Friday’s reports would be friendly helped support corn. Gains were kept in check by weather forecasts calling for rain for Argentina, but not until 6 to 10 days.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Mar corn was at $4.705 up 19.75 cents. May corn was at $4.795 up 21.25 cents.