To start the week corn traded back and forth on both sides of unchanged and ended the session just above unchanged. Support came from another strong export shipments report. Marketing year-to-date shipments are running 61% above last year’s pace. Spillover support came from the double-digit gains in the soybean market. But gains were limited by President Trump comments that Colombia’s leader is an “illegal drug leader” and threatened to cut all aid to Colombia and impose new tariffs. Colombia is one of the top 5 buyers of US corn. Farm Journal estimates the US corn yield at 178.5 bu/acre based on a farmer survey. That’s quite a bit lower than the Sept. USDA estimate of 186.7 bu/acre. Analysts estimate US corn harvest at 59% complete. Brazil’s corn planting progress is estimated at 54% complete vs. 55% average while Argentina’s planting is estimated at 26% complete vs. 23% average.
Corn opened Tuesday’s session steady and continued to trade in that fashion throughout the night. Corn support continues to come from strong demand as last week’s export inspections estimate was at the top of expectations. Gains were kept in check by harvest progress. Private analysts are estimating harvest progress at 59% complete in the US. Corn started to fade once the day session started with selling spilling over from the lower wheat complex. But additional pressure came from reports that Trump is now not expecting to meet with Xi at the end of the month due to increased tensions.
In Wednesday’s session corn opened steady and continued to trade in that fashion for the of the session. Early support was due to news that USDA will be re-opening FSA tomorrow to start processing the AR/PLC payments as well as implementing the delayed $3 B disaster program. Light support was due to Dr Cordonnier leaving his US yield estimate for corn unchanged at 181 bus. Gains were kept in check by news that the American Petroleum Industry was going to oppose the bill in Congress to allow for E15 year-round.
Last week’s ethanol production estimate came in at 1.11 million barrels, 38,000 barrels above the previous week and a new record. Stocks were estimated at 21.92 million barrels, down 709,000 barrels from the previous week and a 51-week low.
Corn opened steady on Thursday but managed to recover and push higher to post gains by the end of the night session. Early support came from expectations of strong export demand as although the export sales report is not being released due to the government shutdown, estimates are still projecting strong corn sales. New sanction on 2 Russian crude oil companies added support to corn. Confirmation that Trump and Xi will meet on October 30 added support. Talk of good yields, but not USDA estimated good, added support. At this point, it appears that the US corn crop will be another record, but estimates are closer to a 182 bu. yield than USDA’s 186.7 bu. yield.
Dec corn support is $3.85.
For the week, Dec corn was at $4.2325 up 0.75 cent. Mar corn was at $4.37 up 0.5 cent.
Corn Weekly Comments October 24
Corn Weekly Comments October 24
To start the week corn traded back and forth on both sides of unchanged and ended the session just above unchanged. Support came from another strong export shipments report. Marketing year-to-date shipments are running 61% above last year’s pace. Spillover support came from the double-digit gains in the soybean market. But gains were limited by President Trump comments that Colombia’s leader is an “illegal drug leader” and threatened to cut all aid to Colombia and impose new tariffs. Colombia is one of the top 5 buyers of US corn. Farm Journal estimates the US corn yield at 178.5 bu/acre based on a farmer survey. That’s quite a bit lower than the Sept. USDA estimate of 186.7 bu/acre. Analysts estimate US corn harvest at 59% complete. Brazil’s corn planting progress is estimated at 54% complete vs. 55% average while Argentina’s planting is estimated at 26% complete vs. 23% average.
Corn opened Tuesday’s session steady and continued to trade in that fashion throughout the night. Corn support continues to come from strong demand as last week’s export inspections estimate was at the top of expectations. Gains were kept in check by harvest progress. Private analysts are estimating harvest progress at 59% complete in the US. Corn started to fade once the day session started with selling spilling over from the lower wheat complex. But additional pressure came from reports that Trump is now not expecting to meet with Xi at the end of the month due to increased tensions.
In Wednesday’s session corn opened steady and continued to trade in that fashion for the of the session. Early support was due to news that USDA will be re-opening FSA tomorrow to start processing the AR/PLC payments as well as implementing the delayed $3 B disaster program. Light support was due to Dr Cordonnier leaving his US yield estimate for corn unchanged at 181 bus. Gains were kept in check by news that the American Petroleum Industry was going to oppose the bill in Congress to allow for E15 year-round.
Last week’s ethanol production estimate came in at 1.11 million barrels, 38,000 barrels above the previous week and a new record. Stocks were estimated at 21.92 million barrels, down 709,000 barrels from the previous week and a 51-week low.
Corn opened steady on Thursday but managed to recover and push higher to post gains by the end of the night session. Early support came from expectations of strong export demand as although the export sales report is not being released due to the government shutdown, estimates are still projecting strong corn sales. New sanction on 2 Russian crude oil companies added support to corn. Confirmation that Trump and Xi will meet on October 30 added support. Talk of good yields, but not USDA estimated good, added support. At this point, it appears that the US corn crop will be another record, but estimates are closer to a 182 bu. yield than USDA’s 186.7 bu. yield.
Dec corn support is $3.85.
For the week, Dec corn was at $4.2325 up 0.75 cent. Mar corn was at $4.37 up 0.5 cent.