To start the week corn opened the session lower but brushed off the early selling pressure to turn and extend gains throughout the overnight session. Fund buying due to production concerns helped give corn support early. Light support was also due to reports Mexico was in and bought 102 TMT of corn. IGC is estimating world corn production at 1.303 BMT vs 1.32 BMT previously. US corn production is estimated at 400.2 MMT vs 432.3 MMT previously. Fund buying was also evident as the funds continue to try and defend their long positions.
But like wheat, corn faded its gains once news broke of a cease fire in Iran and that talks have progressed nicely over the past few days. The news of the cease fire and potential end of the war sent crude sharply lower, which added pressure to corn. As of March 20, Brazil’s first crop corn harvest was estimated at 56% complete vs 49% last week and vs 54% average. Second crop corn planting progress as estimated at 56% complete vs 49% last week and vs 54% average.
Corn opened Tuesday’s session higher and continued to trade with modest gains throughout the session. Fund buying supported the corn market as the funds defend their long position. Strong demand and expectations for lower acreage in next week’s Prospective Plantings report added support. Ukraine officials are estimating the countries 2026 corn production between 31 and 32 MMT, vs 31.0 MMT last year. Acreage is estimated to remain steady at 10.9 million.
Corn opened Wednesday’s session lower and continued to trade with losses throughout the night as start of the day session. Talk of a possible 30-day ceasefire with Iran sent crude oil sharply lower, which spilled over to pressure corn. But once wheat started to stage its recovery, corn found strength and followed. Fund buying added buying power as the funds are not ready to give up on the long side of corn yet. Acreage concerns due to increasing input costs added support. Late in the day EPA issued temporary waivers for nationwide year-round E15.
Last week’s ethanol production estimate was neutral as it showed a jump in production and a jump in stocks. The previous week’s ethanol production pace was estimated at 1.116 million barrels, up 23,000 barrels from the previous week. Stocks were estimated at 27.17 million, up 763,000 barrels from the previous week. Gas demand staged a small recovery.
In Thursday’s session corn traded in a narrow range overnight, saw the session lows at the start of the day session but then trimmed losses to finish mixed, with small losses in the front months and small gains in the new crop contracts. Support came from technical buying and the gains in the crude oil market. Another week of solid export sales added support. Marketing year-to-date export sales are running a whopping 30% ahead of last year’s pace. Agriconsult estimates Brazil’s second corn crop at 114.5 MMT, down 8% from last year due to lower yields.
Ahead of Tuesday’s Quarterly Grain Stocks report, the average trade estimate for March 1 corn stocks is 9.036 BB vs. 8.147 BB last March. Ahead of Tuesday’s Prospective Plantings Report, the average trade estimate for corn acres is 94.371 million vs. 98.788 million last year and 94.0 million from the Feb. Ag Outlook Forum.
Hedgers should target $4.95 Dec to make catch up sales and use $5.15 to advance 2026 sales.
For the week, May corn was at $4.62 down 3.5 cents. Dec corn was at $4.9025 down 0.5 cent.
Corn Weekly Comments March 27
Corn Weekly Comments March 27
To start the week corn opened the session lower but brushed off the early selling pressure to turn and extend gains throughout the overnight session. Fund buying due to production concerns helped give corn support early. Light support was also due to reports Mexico was in and bought 102 TMT of corn. IGC is estimating world corn production at 1.303 BMT vs 1.32 BMT previously. US corn production is estimated at 400.2 MMT vs 432.3 MMT previously. Fund buying was also evident as the funds continue to try and defend their long positions.
But like wheat, corn faded its gains once news broke of a cease fire in Iran and that talks have progressed nicely over the past few days. The news of the cease fire and potential end of the war sent crude sharply lower, which added pressure to corn. As of March 20, Brazil’s first crop corn harvest was estimated at 56% complete vs 49% last week and vs 54% average. Second crop corn planting progress as estimated at 56% complete vs 49% last week and vs 54% average.
Corn opened Tuesday’s session higher and continued to trade with modest gains throughout the session. Fund buying supported the corn market as the funds defend their long position. Strong demand and expectations for lower acreage in next week’s Prospective Plantings report added support. Ukraine officials are estimating the countries 2026 corn production between 31 and 32 MMT, vs 31.0 MMT last year. Acreage is estimated to remain steady at 10.9 million.
Corn opened Wednesday’s session lower and continued to trade with losses throughout the night as start of the day session. Talk of a possible 30-day ceasefire with Iran sent crude oil sharply lower, which spilled over to pressure corn. But once wheat started to stage its recovery, corn found strength and followed. Fund buying added buying power as the funds are not ready to give up on the long side of corn yet. Acreage concerns due to increasing input costs added support. Late in the day EPA issued temporary waivers for nationwide year-round E15.
Last week’s ethanol production estimate was neutral as it showed a jump in production and a jump in stocks. The previous week’s ethanol production pace was estimated at 1.116 million barrels, up 23,000 barrels from the previous week. Stocks were estimated at 27.17 million, up 763,000 barrels from the previous week. Gas demand staged a small recovery.
In Thursday’s session corn traded in a narrow range overnight, saw the session lows at the start of the day session but then trimmed losses to finish mixed, with small losses in the front months and small gains in the new crop contracts. Support came from technical buying and the gains in the crude oil market. Another week of solid export sales added support. Marketing year-to-date export sales are running a whopping 30% ahead of last year’s pace. Agriconsult estimates Brazil’s second corn crop at 114.5 MMT, down 8% from last year due to lower yields.
Ahead of Tuesday’s Quarterly Grain Stocks report, the average trade estimate for March 1 corn stocks is 9.036 BB vs. 8.147 BB last March. Ahead of Tuesday’s Prospective Plantings Report, the average trade estimate for corn acres is 94.371 million vs. 98.788 million last year and 94.0 million from the Feb. Ag Outlook Forum.
Hedgers should target $4.95 Dec to make catch up sales and use $5.15 to advance 2026 sales.
For the week, May corn was at $4.62 down 3.5 cents. Dec corn was at $4.9025 down 0.5 cent.