Corn started the week by opening the session steady and continued to trade in a tight narrow range throughout the night session. Corn’s trading range for the night was only 2 cents. Expectations of a good harvest weekend added pressure. Light selling was tied to pressure from Friday’s trade war escalation with China. By the end of Friday most were thinking all imported goods from China were going to have a 100% tariff added onto the existing tariffs in place starting Nov 1. There were also threats to cancelling the leaders’ meeting. But by Sunday cooler heads prevailed but tension remain high. As of Sept 10, Brazil was reporting first crop corn planting progress at 49% complete vs 43% last week and 48% average.
Corn opened Tuesday’s session steady and continued to trade in that manner throughout the night session. Selling expanded early in the morning, but once major support lines were toughed, buy orders reversed the direction of the market. Early selling was tied to harvest progress. Although the government shutdown has prevented the release of the Crop Progress report, Reuter’s released their estimate for US corn harvest. They estimated progress at 44% complete vs 29% last week. Losses were trimmed by CONAB’s 2025 corn production estimate for Brazil. They are now estimating Brazil’s production for next year at 138.6 MMT vs 141.1 MMT last year. Light support spilled over from the higher wheat complex, but the softer soybean market kept a lid on corn’s rally. Technical buying helped to keep corn’s head above water as like wheat, corn bounced off major support.
Corn opened lower and continued to trade softer throughout Wednesday’s session. Early selling was tied to profit taking as well as from harvest hedge selling as harvest continues to advance. Losses were trimmed once the day session started with support coming from news that Taiwan bought 65 TMT of US corn overnight. Light support spilled over from the recover in the soybeans due to Trump’s comments about halting imports of Chinese used cooking oil, which would increase demand from US veg oil. CONAB’s lower 2025 production estimate added support. Technical buying added support as corn bounced off support.
Corn opened Thursday’s session steady and continued to trade in that fashion throughout the night. Gains were kept in check by weather forecasts calling for drier conditions to move back into the Northern Plains and Corn Belt starting this weekend and lasting until the end of Oct. This will allow for harvest progress to advance. Expectations of strong export demand added support as yesterday both Taiwan and South Korea reportedly bought US corn. Technical buying was also evident as corn bounced off $4.10 support and has pushed higher.
Last week’s ethanol production estimate was friendly as it put last week’s pace at 1.074 million barrels, which was up 3,000 barrels from the previous week. Stocks were estimated at 22.63 million barrels, down 92,000 barrels from the previous week. Gas demand declined.
Dec corn support is $3.85.
For the week, Dec corn was at $4.225 up 9.5 cents. Mar corn was at $4.365 up 7.5 cents.
Corn Weekly Comments October 17
Corn Weekly Comments October 17
Corn started the week by opening the session steady and continued to trade in a tight narrow range throughout the night session. Corn’s trading range for the night was only 2 cents. Expectations of a good harvest weekend added pressure. Light selling was tied to pressure from Friday’s trade war escalation with China. By the end of Friday most were thinking all imported goods from China were going to have a 100% tariff added onto the existing tariffs in place starting Nov 1. There were also threats to cancelling the leaders’ meeting. But by Sunday cooler heads prevailed but tension remain high. As of Sept 10, Brazil was reporting first crop corn planting progress at 49% complete vs 43% last week and 48% average.
Corn opened Tuesday’s session steady and continued to trade in that manner throughout the night session. Selling expanded early in the morning, but once major support lines were toughed, buy orders reversed the direction of the market. Early selling was tied to harvest progress. Although the government shutdown has prevented the release of the Crop Progress report, Reuter’s released their estimate for US corn harvest. They estimated progress at 44% complete vs 29% last week. Losses were trimmed by CONAB’s 2025 corn production estimate for Brazil. They are now estimating Brazil’s production for next year at 138.6 MMT vs 141.1 MMT last year. Light support spilled over from the higher wheat complex, but the softer soybean market kept a lid on corn’s rally. Technical buying helped to keep corn’s head above water as like wheat, corn bounced off major support.
Corn opened lower and continued to trade softer throughout Wednesday’s session. Early selling was tied to profit taking as well as from harvest hedge selling as harvest continues to advance. Losses were trimmed once the day session started with support coming from news that Taiwan bought 65 TMT of US corn overnight. Light support spilled over from the recover in the soybeans due to Trump’s comments about halting imports of Chinese used cooking oil, which would increase demand from US veg oil. CONAB’s lower 2025 production estimate added support. Technical buying added support as corn bounced off support.
Corn opened Thursday’s session steady and continued to trade in that fashion throughout the night. Gains were kept in check by weather forecasts calling for drier conditions to move back into the Northern Plains and Corn Belt starting this weekend and lasting until the end of Oct. This will allow for harvest progress to advance. Expectations of strong export demand added support as yesterday both Taiwan and South Korea reportedly bought US corn. Technical buying was also evident as corn bounced off $4.10 support and has pushed higher.
Last week’s ethanol production estimate was friendly as it put last week’s pace at 1.074 million barrels, which was up 3,000 barrels from the previous week. Stocks were estimated at 22.63 million barrels, down 92,000 barrels from the previous week. Gas demand declined.
Dec corn support is $3.85.
For the week, Dec corn was at $4.225 up 9.5 cents. Mar corn was at $4.365 up 7.5 cents.