Corn started the week by opening the session higher but then slipped to trading with minor changes throughout most of the night. Early selling was tied to pressure from a sharply lower crude oil market. Selling was also tied to Friday’s COT report, which showed the funds continuing to trim their net long position. Corn managed to shake off the selling pressure and push higher in the day session with support coming from expectation that this afternoon’s crop progress report will continue to show slow planting progress. The fact that the Strait of Hormuz remains closed added support as this will continue to delay the shipments of fertilizer. As of April 17, Brazil was reporting first crop corn harvest at 73% complete vs 68% last week and vs 75% average.
Corn opened Tuesday’s session steady and waffled around unchanged for most of the night but managed to brush off the early selling pressure to push higher. A higher crude oil market and expectations that peace talks with Iran will not materialize added support. Strength was also due to a couple export sales as Columbia was in and bought 100 TMT of US corn overnight while an unknown destination bought 195 TMT. Planting progress made a jump last week, pushing progress above the average pace, but weather forecasts are starting to make it look like corn planting progress could slow down over the next 10 days. In South American news, Dr Cordonnier jumped on the band wagon and increased Argentina’s corn production estimate 6 MMT to 60 MMT, putting his estimate in line with other private analysts. He left Brazil’s estimate unchanged at 134 MMT. Technically corn appears to be trying to test the 50% retracement line from its recent high to recent low, which would be about $4.85 Dec.
In Wednesday’s session corn started the session lower but quickly brushed off its early selling pressure and rallied to post solid gains by the close of the night. Early selling was tied to profit taking. Losses were kept in check by expectations of lower acreage in 2026 due to increasing inputs as well as from weather concerns. Rumors that US lawmakers will be introducing legislation to expand access to E15 added support. Pro Farmer conducted a farmer survey and found that 20% of the producers said they will likely reduce corn acres due to higher inputs. In export news, there was an export sale of 130 TMT of corn to an unknown destination.
Gains were trimmed by a disappointing ethanol production estimate. Last week’s ethanol production was estimated at 1.04 million barrels, 80,000 barrels less than the previous week. Stocks were estimated at 26.695 million barrels, up 249,000 barrels from the previous week. Could this be the start of the seasonal decline in ethanol production?
Corn started Thursday’s session on the defense but managed to shake off the early selling pressure and turn to post gains soon after opening. Small gains were seen throughout the night, but corn turned to trade mixed once the day session started. Early selling was tied to profit taking and spill over pressure from the lower soybean complex. A higher crude oil market and wheat exchange helped to give corn support. Another strong weekly export sales estimate added support. Acreage concerns due to unfavorable planting conditions added support.
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 $4.55 up 6.25 cents. Dec corn was at $4.8425 up 7.25 cents.
Corn Weekly Comments April 24
Corn Weekly Comments April 24
Corn started the week by opening the session higher but then slipped to trading with minor changes throughout most of the night. Early selling was tied to pressure from a sharply lower crude oil market. Selling was also tied to Friday’s COT report, which showed the funds continuing to trim their net long position. Corn managed to shake off the selling pressure and push higher in the day session with support coming from expectation that this afternoon’s crop progress report will continue to show slow planting progress. The fact that the Strait of Hormuz remains closed added support as this will continue to delay the shipments of fertilizer. As of April 17, Brazil was reporting first crop corn harvest at 73% complete vs 68% last week and vs 75% average.
Corn opened Tuesday’s session steady and waffled around unchanged for most of the night but managed to brush off the early selling pressure to push higher. A higher crude oil market and expectations that peace talks with Iran will not materialize added support. Strength was also due to a couple export sales as Columbia was in and bought 100 TMT of US corn overnight while an unknown destination bought 195 TMT. Planting progress made a jump last week, pushing progress above the average pace, but weather forecasts are starting to make it look like corn planting progress could slow down over the next 10 days. In South American news, Dr Cordonnier jumped on the band wagon and increased Argentina’s corn production estimate 6 MMT to 60 MMT, putting his estimate in line with other private analysts. He left Brazil’s estimate unchanged at 134 MMT. Technically corn appears to be trying to test the 50% retracement line from its recent high to recent low, which would be about $4.85 Dec.
In Wednesday’s session corn started the session lower but quickly brushed off its early selling pressure and rallied to post solid gains by the close of the night. Early selling was tied to profit taking. Losses were kept in check by expectations of lower acreage in 2026 due to increasing inputs as well as from weather concerns. Rumors that US lawmakers will be introducing legislation to expand access to E15 added support. Pro Farmer conducted a farmer survey and found that 20% of the producers said they will likely reduce corn acres due to higher inputs. In export news, there was an export sale of 130 TMT of corn to an unknown destination.
Gains were trimmed by a disappointing ethanol production estimate. Last week’s ethanol production was estimated at 1.04 million barrels, 80,000 barrels less than the previous week. Stocks were estimated at 26.695 million barrels, up 249,000 barrels from the previous week. Could this be the start of the seasonal decline in ethanol production?
Corn started Thursday’s session on the defense but managed to shake off the early selling pressure and turn to post gains soon after opening. Small gains were seen throughout the night, but corn turned to trade mixed once the day session started. Early selling was tied to profit taking and spill over pressure from the lower soybean complex. A higher crude oil market and wheat exchange helped to give corn support. Another strong weekly export sales estimate added support. Acreage concerns due to unfavorable planting conditions added support.
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 $4.55 up 6.25 cents. Dec corn was at $4.8425 up 7.25 cents.