In Monday’s session corn saw small gains overnight and into the day session. The market faded in the day session but still closed just above unchanged. Early support came from a massive export sale. USDA reported a sale of 1.7 MMT of corn to Mexico, with 1.1 MMT for this marketing year and the remaining 0.6 MMT for next year. Harvest pressure limited gains as traders expect the afternoon’s crop progress report to show harvest advancing 13% from last week to 73% complete. Last week’s export shipments at 34.8 MB were in the range of trade estimates. Marketing year to date shipments are running 13% behind last year’s pace, due in part to the faster pace of soybean shipments. Brazil’s 1st crop corn planting is estimated at 75% complete vs. 69% last week and 72% average.
Corn opened Tuesday’s session lower and extended session losses throughout the night and into the day session. Uncertainty continues to be the main driver in the corn market. Talk of peace in the Black Sea region and with Iran added selling pressure as it appears that traders are not willing to step in front of the market if peace is achieved, which could result in an increase in exportable bushels. Losses were kept in check early from two more flash export sales. Mexico was in again this time buying 315 TMT of corn while South Korea was in and bought 136 TMT of corn. As far as the world corn importers are concerned, US corn has become a bargain to purchase. Weather forecasts are calling for rain to continue to fall in much of the Plains and Corn Belt over the next few days, which will likely result in further harvest delays.
In Wednesday’s session corn opened lower and continued to trade with losses throughout the night. Early selling was tied to another sharply lower session in the crude oil market. Corn managed to recover and trade with gains during the day session with technical buying, the main supporting factor. Weather forecasts calling for rain for the Corn Belt, which will continue to delay harvest, also added support. Gains were kept in check by StoneX’s estimates for the Nov Crop Production report. They are estimating corn’s yield at 183.1 bus, up 1 bus from their previous estimate and up 1.9 bus from USDA’s Oct estimate.
Last week’s ethanol production estimate was friendly corn coming in at 1.143 million barrels, up 25,000 barrels from the previous week. Stocks were estimated at 24.43 million barrels, down 89,000 barrels from the previous week.
Corn opened Thursday’s session higher and held onto gains throughout the night and start of the day session. Support was due to technical buying as corn continues to search for a low. Like wheat, corn is oversold and in need of a technical correction, but at this point every bounce gets met by fund selling. Another strong export sales estimate and Wednesday’s friendly ethanol production report added support early. Gains were kept in check by a lower soybean complex, which turned lower once the day session kicked into gear. The lack of new news added to selling pressure late.
Estimates for USDA’s Nov Crop Production report have corn yield at 180.3 bus vs 181.2 bus previously. Production is estimated at 15.962 BB vs 16.034 BB previously. Stocks are estimated at 1.84 BB vs 1.849 BB previously.
Dec corn support is at $4.2575, the previous contract low.
For the week, Dec corn was at $4.415 down 6.25 cents. Mar corn was at $4.5525 down 5.75 cents.
Corn Weekly Comments November 6
Corn Weekly Comments November 6
In Monday’s session corn saw small gains overnight and into the day session. The market faded in the day session but still closed just above unchanged. Early support came from a massive export sale. USDA reported a sale of 1.7 MMT of corn to Mexico, with 1.1 MMT for this marketing year and the remaining 0.6 MMT for next year. Harvest pressure limited gains as traders expect the afternoon’s crop progress report to show harvest advancing 13% from last week to 73% complete. Last week’s export shipments at 34.8 MB were in the range of trade estimates. Marketing year to date shipments are running 13% behind last year’s pace, due in part to the faster pace of soybean shipments. Brazil’s 1st crop corn planting is estimated at 75% complete vs. 69% last week and 72% average.
Corn opened Tuesday’s session lower and extended session losses throughout the night and into the day session. Uncertainty continues to be the main driver in the corn market. Talk of peace in the Black Sea region and with Iran added selling pressure as it appears that traders are not willing to step in front of the market if peace is achieved, which could result in an increase in exportable bushels. Losses were kept in check early from two more flash export sales. Mexico was in again this time buying 315 TMT of corn while South Korea was in and bought 136 TMT of corn. As far as the world corn importers are concerned, US corn has become a bargain to purchase. Weather forecasts are calling for rain to continue to fall in much of the Plains and Corn Belt over the next few days, which will likely result in further harvest delays.
In Wednesday’s session corn opened lower and continued to trade with losses throughout the night. Early selling was tied to another sharply lower session in the crude oil market. Corn managed to recover and trade with gains during the day session with technical buying, the main supporting factor. Weather forecasts calling for rain for the Corn Belt, which will continue to delay harvest, also added support. Gains were kept in check by StoneX’s estimates for the Nov Crop Production report. They are estimating corn’s yield at 183.1 bus, up 1 bus from their previous estimate and up 1.9 bus from USDA’s Oct estimate.
Last week’s ethanol production estimate was friendly corn coming in at 1.143 million barrels, up 25,000 barrels from the previous week. Stocks were estimated at 24.43 million barrels, down 89,000 barrels from the previous week.
Corn opened Thursday’s session higher and held onto gains throughout the night and start of the day session. Support was due to technical buying as corn continues to search for a low. Like wheat, corn is oversold and in need of a technical correction, but at this point every bounce gets met by fund selling. Another strong export sales estimate and Wednesday’s friendly ethanol production report added support early. Gains were kept in check by a lower soybean complex, which turned lower once the day session kicked into gear. The lack of new news added to selling pressure late.
Estimates for USDA’s Nov Crop Production report have corn yield at 180.3 bus vs 181.2 bus previously. Production is estimated at 15.962 BB vs 16.034 BB previously. Stocks are estimated at 1.84 BB vs 1.849 BB previously.
Dec corn support is at $4.2575, the previous contract low.
For the week, Dec corn was at $4.415 down 6.25 cents. Mar corn was at $4.5525 down 5.75 cents.