CORN
Corn was briefly higher at the start of the overnight session and then turned lower. The market got back on the positive side early in the day session and then traded in a tight range and closed with small gains. Support came from a strong export shipments report. Last week’s shipments were above the range of trade expectations and the 3rd highest for the marketing year. Technical buying also added support. Brazil’s 1st crop corn harvest is 64% complete vs. 64% average and 2nd crop corn planting is complete.
Tuesday’s session had corn opening the session steady but then faded to trade in the red. Early selling was tied to uncertainty on the direction of the Iran war. Light support came from Monday’s export shipments estimate, which showed the third highest shipments pace for the marketing year. Monday afternoon’s Crop Progress report brought nothing to the table, showing planting progress at 3% complete. Dr Cordonnier left his Brazil corn production estimate unchanged at 132 MMT but increased his Argentina corn production estimate 1 MMT to 54 MMT. USDA will come with their updated estimates Thursday.
Corn gapped lower on the opening bell, but not to the degree of the other grains. Early pressure spilled over from the sharply lower crude oil, which was posting $20 losses at one point. Pressure also spilled over from the lower wheat complex. Losses were trimmed late in the session due to spillover support from the higher soybean market as well as from expectations that USDA might increase corn exports in Thursday’s Crop Production report. Weather forecasts for the Northern Plains and western Corn Belt are adding support as it appears that there will be little chance for corn planting to start for at least 3 to 4 weeks as rain remains in the forecasts through the month of April.
Thursday’s session opened steady, but corn found strength early and bounced to trade with gains for most of the night session. Uncertainty and the thought that the ceasefire will not last added support. A stronger crude oil market added support. Light support was also due to reports South Korea was in and bought 136 TMT of US corn overnight. Reports that Brazil’s Ag Minister is considering increasing their ethanol blend to 32% from 30% added support. Brazil just recently increased their blend from 27% to 30%. If realized, it will pull even more Brazilian corn off the export market.
Corn started to fade its gains once USDA released their April Crop Production report. The report brought nothing new to the table as once again USDA left all numbers unchanged. The national average price increased 5 cents to $4.15.
World corn numbers were disappointing, coming in at 294.8 MMT, up 1.6 MMT from expectations and up 2 MMT from last month.
Hedgers should target $4.95 Dec to make catch up sales and use $5.15 to advance 2026 sales.
May corn support is $4.35.
For the week, the close, May corn was at $4.41 down 11.25 cents. Dec corn was at $4.7225 down 9.0 cents.
Corn Weekly Comments April 10
Corn Weekly Comments April 10
CORN
Corn was briefly higher at the start of the overnight session and then turned lower. The market got back on the positive side early in the day session and then traded in a tight range and closed with small gains. Support came from a strong export shipments report. Last week’s shipments were above the range of trade expectations and the 3rd highest for the marketing year. Technical buying also added support. Brazil’s 1st crop corn harvest is 64% complete vs. 64% average and 2nd crop corn planting is complete.
Tuesday’s session had corn opening the session steady but then faded to trade in the red. Early selling was tied to uncertainty on the direction of the Iran war. Light support came from Monday’s export shipments estimate, which showed the third highest shipments pace for the marketing year. Monday afternoon’s Crop Progress report brought nothing to the table, showing planting progress at 3% complete. Dr Cordonnier left his Brazil corn production estimate unchanged at 132 MMT but increased his Argentina corn production estimate 1 MMT to 54 MMT. USDA will come with their updated estimates Thursday.
Corn gapped lower on the opening bell, but not to the degree of the other grains. Early pressure spilled over from the sharply lower crude oil, which was posting $20 losses at one point. Pressure also spilled over from the lower wheat complex. Losses were trimmed late in the session due to spillover support from the higher soybean market as well as from expectations that USDA might increase corn exports in Thursday’s Crop Production report. Weather forecasts for the Northern Plains and western Corn Belt are adding support as it appears that there will be little chance for corn planting to start for at least 3 to 4 weeks as rain remains in the forecasts through the month of April.
Thursday’s session opened steady, but corn found strength early and bounced to trade with gains for most of the night session. Uncertainty and the thought that the ceasefire will not last added support. A stronger crude oil market added support. Light support was also due to reports South Korea was in and bought 136 TMT of US corn overnight. Reports that Brazil’s Ag Minister is considering increasing their ethanol blend to 32% from 30% added support. Brazil just recently increased their blend from 27% to 30%. If realized, it will pull even more Brazilian corn off the export market.
Corn started to fade its gains once USDA released their April Crop Production report. The report brought nothing new to the table as once again USDA left all numbers unchanged. The national average price increased 5 cents to $4.15.
World corn numbers were disappointing, coming in at 294.8 MMT, up 1.6 MMT from expectations and up 2 MMT from last month.
Hedgers should target $4.95 Dec to make catch up sales and use $5.15 to advance 2026 sales.
May corn support is $4.35.
For the week, the close, May corn was at $4.41 down 11.25 cents. Dec corn was at $4.7225 down 9.0 cents.