Corn started the week by opening lower overnight but quickly staged a recovery and bounced to trade with solid gains overnight. Early support was due to technical buying. After trading to long term support, corn uncovered buy orders which helped corn push off its lows. A disappointing export sales estimate for the week of Dec 25 was somewhat offset by another strong export shipments estimate. Traders were a little concerned about the recent military maneuver in Venezuela and the possible ramifications it could have on US ag exports to the country. Venezuela is the 6th largest importer of US ag products. OPEC Plus has agreed to leave crude oil production unchanged for Q1 2026. Weather concerns in SA are starting to increase as forecasts have dried the forecast out a bit for Argentina. Brazil remains in good shape.
Corn started Tuesday’s session lower but firmed to trade steady throughout most of the night session. Trading was thin and light, which was evident from the 3.5 cent trading range. Early support came from concerning weather forecasts for SA as rain continues to fall in the northern regions of Brazil while Argentina’s forecast has had the late week rain removed. Argentina has seen warmer drier conditions the past 10 days. StoneX left their Brazil corn production estimate unchanged. Losses were kept in check by expectations that USDA will lower the US corn yield next week.
Corn started Wednesday’s session off on the defense but found support quickly and managed to end the night session with gains. Support spilled over from the higher US soybean and wheat complex to help give corn some direction. Gains were kept in check by news that Dr Cordonnier increased his Argentina corn production 2 MMB to 56 MMT. He left Brail’s corn crop production estimate unchanged at 137 MMT. The EU estimated their corn export pace for July 1 to Jan 4 at 8.22 MMT vs 10.33 MMT last year. Corn seems to be set up in their trading range and is content to continue to trade in the 15-cent range between $4.40 and $4.65.
In Thursday’s session corn traded in a narrow range overnight then saw small gains for most of the day session only to fade and close within a cent of unchanged. Positioning ahead of Monday’s reports was seen. Next week’s reports should be friendly corn with traders expecting a 200 MB cut to corn production. Last week’s export sales were below the range of trade estimates and a marketing year low. Marketing year to date sales at 2.004 BB are running 30% ahead of last year’s pace.
Ahead of Monday’s USDA reports, the average trade estimate for corn’s yield is 184.0 bu. vs. 186.0 bu. last month, production at 16.552 BB vs. 16.752 BB last month and ending stocks at 1.980 BB vs. 2.029 BB last month. The average trade estimate for Dec. 1 grains stocks is 12.962 BB vs. 12.075 BB last year. The average trade estimate for Brazil’s production is 133.0 MMT vs. 131.0 MMT last month, Argentina’s production at 53.4 MMT vs. 53.0 MMT last month and world ending stocks at 279.9 MMT vs. 279.2 MMT last month.
March corn support is $4.35.
For the week, March corn was at $4.4575 up 8.25 cents. May corn was at $4.5375 up 8.25 cents.
Corn Weekly Comments January 9
Corn Weekly Comments January 9
Corn started the week by opening lower overnight but quickly staged a recovery and bounced to trade with solid gains overnight. Early support was due to technical buying. After trading to long term support, corn uncovered buy orders which helped corn push off its lows. A disappointing export sales estimate for the week of Dec 25 was somewhat offset by another strong export shipments estimate. Traders were a little concerned about the recent military maneuver in Venezuela and the possible ramifications it could have on US ag exports to the country. Venezuela is the 6th largest importer of US ag products. OPEC Plus has agreed to leave crude oil production unchanged for Q1 2026. Weather concerns in SA are starting to increase as forecasts have dried the forecast out a bit for Argentina. Brazil remains in good shape.
Corn started Tuesday’s session lower but firmed to trade steady throughout most of the night session. Trading was thin and light, which was evident from the 3.5 cent trading range. Early support came from concerning weather forecasts for SA as rain continues to fall in the northern regions of Brazil while Argentina’s forecast has had the late week rain removed. Argentina has seen warmer drier conditions the past 10 days. StoneX left their Brazil corn production estimate unchanged. Losses were kept in check by expectations that USDA will lower the US corn yield next week.
Corn started Wednesday’s session off on the defense but found support quickly and managed to end the night session with gains. Support spilled over from the higher US soybean and wheat complex to help give corn some direction. Gains were kept in check by news that Dr Cordonnier increased his Argentina corn production 2 MMB to 56 MMT. He left Brail’s corn crop production estimate unchanged at 137 MMT. The EU estimated their corn export pace for July 1 to Jan 4 at 8.22 MMT vs 10.33 MMT last year. Corn seems to be set up in their trading range and is content to continue to trade in the 15-cent range between $4.40 and $4.65.
In Thursday’s session corn traded in a narrow range overnight then saw small gains for most of the day session only to fade and close within a cent of unchanged. Positioning ahead of Monday’s reports was seen. Next week’s reports should be friendly corn with traders expecting a 200 MB cut to corn production. Last week’s export sales were below the range of trade estimates and a marketing year low. Marketing year to date sales at 2.004 BB are running 30% ahead of last year’s pace.
Ahead of Monday’s USDA reports, the average trade estimate for corn’s yield is 184.0 bu. vs. 186.0 bu. last month, production at 16.552 BB vs. 16.752 BB last month and ending stocks at 1.980 BB vs. 2.029 BB last month. The average trade estimate for Dec. 1 grains stocks is 12.962 BB vs. 12.075 BB last year. The average trade estimate for Brazil’s production is 133.0 MMT vs. 131.0 MMT last month, Argentina’s production at 53.4 MMT vs. 53.0 MMT last month and world ending stocks at 279.9 MMT vs. 279.2 MMT last month.
March corn support is $4.35.
For the week, March corn was at $4.4575 up 8.25 cents. May corn was at $4.5375 up 8.25 cents.