To start the week corn gapped higher but faded its early session gains and was posting small losses by the close. Early support came from reports of the US attack on Iran. Gains were trimmed by technical selling as well as from farmer selling. As of Feb 27, Brazil’s first crop corn harvest was estimated at 31% complete vs 27% last week and vs 37% average. Second crop corn planting progress was estimated at 52% complete vs 37% last week and vs 52% average.
Corn started Tuesday’s session steady and continued to trade flat for most of the early part of the session. Buying kicked into the market around 3 am pushing corn to post solid gains by the end of the night session. Strength continued at the start of the day session due to a flash export sale of 196 TMT of US corn to an unknown destination. Reports that Bessent was preparing to meet China’s lead trade negotiator in Paris to discuss the upcoming Xi Trump meeting added support.
Dr Cordonnier left his weekly crop production estimates for Brazil and Argentina unchanged. StoneX is estimating Brazil’s corn crop at 136.0 MMT vs 135.5 MMT previously. Safras is estimating Brazil’s corn crop at 141.7 MMT vs 142.9 MMT previously.
In Wednesday’s session corn traded in a tight range around unchanged for the first part of the overnight session before dropping a few cents lower. The market bounced back late in the day session to trim losses and corn closed just a couple of cents lower. Technical selling pulled corn lower. Losses were limited by USDA’s report of a sale of 125,000 MT of corn to unknown.
Last week’s ethanol production was at 1.095 million barrels per day, down 18,000 barrels per day from the prior week and lower than expected. Ethanol stocks at 26.3 million barrels were up 691,000 barrels from last week and higher than the trade expected. Gas demand dropped last week.
Corn started Thursday’s session lower but turned to trade with gains and extended session gains throughout the session. A strong export sales estimate helped corn start the day session with gains. A sharply higher crude oil market added support.
Ahead of Tuesday’s USDA report, the average trade estimate for US ending stocks is 2.156 BB vs. 2.127 BB last month. The average trade estimate for Brazil’s production is 132.9 MMT vs. 131.0 MMT last month and Argentina at 52.9 MMT vs. 53.0 MMT last month. World ending stocks are estimated at 289.6 MMT vs. 289.0 MMT last month.
May corn support is $4.35.
For the week, May corn was at $4.605 up 12.0 cents. Dec corn was at $4.845 up 15.0 cents.
Corn Weekly Comments March 6
Corn Weekly Comments March 6
To start the week corn gapped higher but faded its early session gains and was posting small losses by the close. Early support came from reports of the US attack on Iran. Gains were trimmed by technical selling as well as from farmer selling. As of Feb 27, Brazil’s first crop corn harvest was estimated at 31% complete vs 27% last week and vs 37% average. Second crop corn planting progress was estimated at 52% complete vs 37% last week and vs 52% average.
Corn started Tuesday’s session steady and continued to trade flat for most of the early part of the session. Buying kicked into the market around 3 am pushing corn to post solid gains by the end of the night session. Strength continued at the start of the day session due to a flash export sale of 196 TMT of US corn to an unknown destination. Reports that Bessent was preparing to meet China’s lead trade negotiator in Paris to discuss the upcoming Xi Trump meeting added support.
Dr Cordonnier left his weekly crop production estimates for Brazil and Argentina unchanged. StoneX is estimating Brazil’s corn crop at 136.0 MMT vs 135.5 MMT previously. Safras is estimating Brazil’s corn crop at 141.7 MMT vs 142.9 MMT previously.
In Wednesday’s session corn traded in a tight range around unchanged for the first part of the overnight session before dropping a few cents lower. The market bounced back late in the day session to trim losses and corn closed just a couple of cents lower. Technical selling pulled corn lower. Losses were limited by USDA’s report of a sale of 125,000 MT of corn to unknown.
Last week’s ethanol production was at 1.095 million barrels per day, down 18,000 barrels per day from the prior week and lower than expected. Ethanol stocks at 26.3 million barrels were up 691,000 barrels from last week and higher than the trade expected. Gas demand dropped last week.
Corn started Thursday’s session lower but turned to trade with gains and extended session gains throughout the session. A strong export sales estimate helped corn start the day session with gains. A sharply higher crude oil market added support.
Ahead of Tuesday’s USDA report, the average trade estimate for US ending stocks is 2.156 BB vs. 2.127 BB last month. The average trade estimate for Brazil’s production is 132.9 MMT vs. 131.0 MMT last month and Argentina at 52.9 MMT vs. 53.0 MMT last month. World ending stocks are estimated at 289.6 MMT vs. 289.0 MMT last month.
May corn support is $4.35.
For the week, May corn was at $4.605 up 12.0 cents. Dec corn was at $4.845 up 15.0 cents.