To start the week corn opened the session lower and extended losses throughout the night. Early selling was tied to improving weather conditions as hot dry conditions are expected in the Northern Plains and western Corn Belt. This will help advance crop maturity. Reports of an advancing SA corn harvest added selling. As of Aug 14, 94% of Argentina’s corn crop was harvested vs 92% last week and 97% average. Brazil is reporting corn harvest at 84% complete 77% last week and 84% average. Brazil’s first crop planting progress is already reported at 2% completed. Early losses were kept in check by reports of a 124 TMT flash sale of corn to an unknown destination. All eyes will be on the Pro Farmer Crop Tour as traders wait to see if they confirm USDA’s Aug estimate.
Corn opened Tuesday’s session steady but slipped to post losses in the overnight. Early selling was tied to the results from the first day of the Pro Farmer Tour. SD’s corn yield was estimated at 174.2 bus vs 156.5 bus last year and vs 144.2 bus for the 5-year average and vs USDA’s projection of 168 bus. This would be a record for SD. OH was a bit more variable but still came in at record levels. OH’s yield was estimated at 185.7 bus vs 183.3 bus last year and vs 180.5 bus for the 5-year average and vs USDA’s projection of 196 bus. Losses were kept in check by strong demand as both old crop and new crop corn exports remain above expectations. Like wheat, corn’s trading volume is light coming in at 6-month lows. Cordonnier increased his US corn yield 1 bus to 184 bus. He also increased his Brazilian corn production estimate 2 MMT to 136 MMT.
In Wednesday’s session corn opened the session steady but slipped to post losses throughout the night. Early selling was tied to day two results from the Pro Farmer Crop Tour. Day two went through NE and IN. NE’s corn yield was estimated at 179.5 bus vs 173.3 bus last year and vs the 5-year average of 166.3 bus. USDA’s Aug estimate had NE corn yield at 192 bus. IN’s corn yield was estimated at 193.8 bus vs 187.5 bus last year and vs the 5-year average of 182.1 bus. USDA’s Aug estimate had IN corn yield at 205 bus. The tour is finding good corn yield potential, but most have been dramatically below USDA’s Aug projection. Losses were trimmed by strong demand as once again 2 flash export sales were announced. Mexico was in and bought 125,741 MT of US corn while Columbia bought 100 TMT of US corn.
Last week’s ethanol production was estimated at 1.072 million barrels, down 21,000 barrels from the previous week. Stocks were estimated at 22.69 million barrels, up 39,000 barrels from the previous week. Gas demand declined for the second week in a row.
On Thursday corn opened lower but shook off the early pressure to post gains by the end of the night session. Early support came from strong demand as corn continues to see flash export sales announcements. Additional support was due to last week’s export sales estimate which showed cancellation of old crop corn, but an aggressive estimate for new crop. Strength was also due to the IL results from the Pro Farmer Tour. The tour estimated the IL corn yield at 199.6 bus vs 204.1 bus last year and vs the 5-year average of 196.2 bus. USDA’s Aug yield estimate was 221 bus. The tour only covered the far eastern counties of IA. Their state total will be released this afternoon. The trade is starting to realize that maybe USDA has overestimated the corn yield in a few states.
Sept corn support is $3.65.
For the week, Sept corn was at $3.8825 up 4.5 cents. Dec corn was at $4.115 up 6.25 cents.
Corn Weekly Comments August 22
Corn Weekly Comments August 22
To start the week corn opened the session lower and extended losses throughout the night. Early selling was tied to improving weather conditions as hot dry conditions are expected in the Northern Plains and western Corn Belt. This will help advance crop maturity. Reports of an advancing SA corn harvest added selling. As of Aug 14, 94% of Argentina’s corn crop was harvested vs 92% last week and 97% average. Brazil is reporting corn harvest at 84% complete 77% last week and 84% average. Brazil’s first crop planting progress is already reported at 2% completed. Early losses were kept in check by reports of a 124 TMT flash sale of corn to an unknown destination. All eyes will be on the Pro Farmer Crop Tour as traders wait to see if they confirm USDA’s Aug estimate.
Corn opened Tuesday’s session steady but slipped to post losses in the overnight. Early selling was tied to the results from the first day of the Pro Farmer Tour. SD’s corn yield was estimated at 174.2 bus vs 156.5 bus last year and vs 144.2 bus for the 5-year average and vs USDA’s projection of 168 bus. This would be a record for SD. OH was a bit more variable but still came in at record levels. OH’s yield was estimated at 185.7 bus vs 183.3 bus last year and vs 180.5 bus for the 5-year average and vs USDA’s projection of 196 bus. Losses were kept in check by strong demand as both old crop and new crop corn exports remain above expectations. Like wheat, corn’s trading volume is light coming in at 6-month lows. Cordonnier increased his US corn yield 1 bus to 184 bus. He also increased his Brazilian corn production estimate 2 MMT to 136 MMT.
In Wednesday’s session corn opened the session steady but slipped to post losses throughout the night. Early selling was tied to day two results from the Pro Farmer Crop Tour. Day two went through NE and IN. NE’s corn yield was estimated at 179.5 bus vs 173.3 bus last year and vs the 5-year average of 166.3 bus. USDA’s Aug estimate had NE corn yield at 192 bus. IN’s corn yield was estimated at 193.8 bus vs 187.5 bus last year and vs the 5-year average of 182.1 bus. USDA’s Aug estimate had IN corn yield at 205 bus. The tour is finding good corn yield potential, but most have been dramatically below USDA’s Aug projection. Losses were trimmed by strong demand as once again 2 flash export sales were announced. Mexico was in and bought 125,741 MT of US corn while Columbia bought 100 TMT of US corn.
Last week’s ethanol production was estimated at 1.072 million barrels, down 21,000 barrels from the previous week. Stocks were estimated at 22.69 million barrels, up 39,000 barrels from the previous week. Gas demand declined for the second week in a row.
On Thursday corn opened lower but shook off the early pressure to post gains by the end of the night session. Early support came from strong demand as corn continues to see flash export sales announcements. Additional support was due to last week’s export sales estimate which showed cancellation of old crop corn, but an aggressive estimate for new crop. Strength was also due to the IL results from the Pro Farmer Tour. The tour estimated the IL corn yield at 199.6 bus vs 204.1 bus last year and vs the 5-year average of 196.2 bus. USDA’s Aug yield estimate was 221 bus. The tour only covered the far eastern counties of IA. Their state total will be released this afternoon. The trade is starting to realize that maybe USDA has overestimated the corn yield in a few states.
Sept corn support is $3.65.
For the week, Sept corn was at $3.8825 up 4.5 cents. Dec corn was at $4.115 up 6.25 cents.