Corn started the week by gapping higher at the start of the overnight session and then traded in a choppy fashion. The market faded through the second half of the day session and closed with small losses. Spillover pressure came from the losses in the soybean market. Losses were limited by forecasts for more rain for the eastern Corn Belt, which could delay corn planting. In addition, losses were limited by another week of strong export shipments. Last week’s shipments were 73.0 MB and at the top of the range of trade estimates.
Corn opened Tuesday’s session higher and held gains throughout the session. Early support came from strong demand as more export sales were reported overnight. Mexico was in and bought 316 TMT of US corn (65 TMT for 2025, 139 TMT for 2026, and 112 TMT for 2027). An unknown destination was also in and bought 120 TMT. Light support came from Monday afternoon’s Crop Progress, which showed a lower than expected corn planting pace than expected. Traders are also expecting little progress to be reported next week due to the current forecast. Gains were kept in check by CONAB’s Brazil production estimate, which is now estimated at 139.57 MMT. To go along with that, De Cordonnier increased his Brazil corn production estimate 2 MMT to 134 MMT.
Corn opened Wednesday’s session steady but managed to extend session gains throughout the night and day session. Early support was due to reports that talks between US and Iran are advancing behind the scenes and that the war could be drawing to a close soon. Light support came from weather forecasts. The 6-to-10-day forecast is calling for above precip for the Corn Belt, which will continue to delay planting. Gains were kept in check early from news that USDA had to make a downward revision to Monday’s export inspection estimate.
Last week’s ethanol production estimate was friendly. Production was estimated at 1.12 million barrels, up 4,000 barrels from the previous week. Stocks were estimated at 26.7 million barrels, up 646,000 barrels from the previous week. Gas demand surged higher, hitting the peak of the 5-year average.
In Thursday’s session corn opened lower and continued to trade with small changes throughout the night. Profit taking after Wednesday’s strong gains were seen as corn traded through 4 major resistance levels without blinking an eye. The problem with Wednesday’s gains was the market rallied higher but open interest declined, which usually means short covering liquidation, not new buyers. Corn turned to trade mixed to lower in the day session as traders even up positions ahead of the weekend. Weather remains supportive as wintery weather is in the forecast for the Northern Plains and rain is expected in the Corn Belt. Both will continue to delay planting. Ukraine’s ag consultant ASAP is estimating production at 29.5 MMT vs 30.7 MMT last year.
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, May corn was at $4.485 up 7.75 cents. Dec corn was at $4.77 up 4.75 cents.
Corn Weekly Comments April 17
Corn Weekly Comments April 17
Corn started the week by gapping higher at the start of the overnight session and then traded in a choppy fashion. The market faded through the second half of the day session and closed with small losses. Spillover pressure came from the losses in the soybean market. Losses were limited by forecasts for more rain for the eastern Corn Belt, which could delay corn planting. In addition, losses were limited by another week of strong export shipments. Last week’s shipments were 73.0 MB and at the top of the range of trade estimates.
Corn opened Tuesday’s session higher and held gains throughout the session. Early support came from strong demand as more export sales were reported overnight. Mexico was in and bought 316 TMT of US corn (65 TMT for 2025, 139 TMT for 2026, and 112 TMT for 2027). An unknown destination was also in and bought 120 TMT. Light support came from Monday afternoon’s Crop Progress, which showed a lower than expected corn planting pace than expected. Traders are also expecting little progress to be reported next week due to the current forecast. Gains were kept in check by CONAB’s Brazil production estimate, which is now estimated at 139.57 MMT. To go along with that, De Cordonnier increased his Brazil corn production estimate 2 MMT to 134 MMT.
Corn opened Wednesday’s session steady but managed to extend session gains throughout the night and day session. Early support was due to reports that talks between US and Iran are advancing behind the scenes and that the war could be drawing to a close soon. Light support came from weather forecasts. The 6-to-10-day forecast is calling for above precip for the Corn Belt, which will continue to delay planting. Gains were kept in check early from news that USDA had to make a downward revision to Monday’s export inspection estimate.
Last week’s ethanol production estimate was friendly. Production was estimated at 1.12 million barrels, up 4,000 barrels from the previous week. Stocks were estimated at 26.7 million barrels, up 646,000 barrels from the previous week. Gas demand surged higher, hitting the peak of the 5-year average.
In Thursday’s session corn opened lower and continued to trade with small changes throughout the night. Profit taking after Wednesday’s strong gains were seen as corn traded through 4 major resistance levels without blinking an eye. The problem with Wednesday’s gains was the market rallied higher but open interest declined, which usually means short covering liquidation, not new buyers. Corn turned to trade mixed to lower in the day session as traders even up positions ahead of the weekend. Weather remains supportive as wintery weather is in the forecast for the Northern Plains and rain is expected in the Corn Belt. Both will continue to delay planting. Ukraine’s ag consultant ASAP is estimating production at 29.5 MMT vs 30.7 MMT last year.
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, May corn was at $4.485 up 7.75 cents. Dec corn was at $4.77 up 4.75 cents.