To start the week corn opened the session lower but managed to shake off the early selling pressure and turn higher to end the night session posting small gains. Early pressure came from expectations for a negative acreage estimate from USDA today. Light selling was also tied to improving weather conditions. Losses were trimmed by reports of countries coming to table to try and get a trade deal down before the next round of tariffs come around. Reuters reported overnight that China is in the process of developing 200 million acres of high standard farmland in an attempt to become more self-sufficient.
The Quarterly Grain stocks estimate came in at 8.151 BB, right in line with expectations and 201 MB below last year. Corn acreage came in at 95.236 million, 965,000 above expectations, 4.732 million above last year, and 1.326 million above the Feb Ag Outlook Forum estimate. 40 of the 48 states which raise corn is showing steady to higher acreage for 2025. ND and SD are expected to plant a record amount of corn acres in 2025.
Corn opened Tuesday’s session higher and extended session gains throughout the session. Technical buying helped give corn strength early as did weather forecasts that are calling for heavy rain and snow to fall over much of the Plains and Corn Belt over the next two days. This will slow down planting in the Southern Plains and Delta states. As of March 28, Brazil was reporting first crop corn harvest progress at 57% complete vs 52% last week, and 60% average. Second, crop corn planting is estimated to be 98% complete vs 93% last week and 98% average. Monday afternoon’s Crop Progress report from TX is estimating corn planting progress at 55% complete vs 53%qverage. Emergence is 35% vs 24% average. Support also came from reports that Big Oil and the Biofuels group have a plan to take to EPA. The group wants to increase RDF mandate from 3.35 billion gallons to 5.5 billion and leave ethanol unchanged at 15 billion.
On Wednesday corn opened the session lower and saw losses expand throughout the night, but corn did manage to trim its losses into the day session. Early selling was tied to today being tariff day, which has most traders sitting on the sidelines waiting to see what trade is going to look like after the tariff news conference. Light selling was also tied to weather forecasts as much of the Corn Belt and Plains are seeing some form of moisture over the next few days. Losses were trimmed once the day session started due to reports of heavy rain is expected to fall in the southern regions of the Corn Belt and northern region of the Delta states, with some amounts topping 12 to 15 inches.
Last week’s ethanol production estimate was friendly, coming in at 1.063 million gallons, up 10,000 gallons from the previous week. Stocks were the brightest spot, coming in at 26.61 million, down 738,000 gallons from the previous week and well above expectations. Gas demand declined slightly for the third week in a row.
In Thursday’s session corn gapped lower and extended session losses throughout the night session. Early selling was tied to the Trump tariff announcement. Losses were trimmed once the day session started, and once cooler heads came into the market. By midsession the strength in wheat spilled over to help corn turn green. Strong export demand and expectations that demand will continue helped corn trim losses as well. US corn remains the cheapest in the world and with limited exportable bushels in other countries, traders are optimistic that demand will continue, at least for the next few months.
Target $5.15 to advance sales.
For the week, May corn was at $4.6075 up 7.0 cents. July corn was at $4.675 up 7.25 cents.
For the month, May corn was down 12.25 cents. July corn was down 12.5 cents.
Corn Weekly Comments April 4
Corn Weekly Comments April 4
To start the week corn opened the session lower but managed to shake off the early selling pressure and turn higher to end the night session posting small gains. Early pressure came from expectations for a negative acreage estimate from USDA today. Light selling was also tied to improving weather conditions. Losses were trimmed by reports of countries coming to table to try and get a trade deal down before the next round of tariffs come around. Reuters reported overnight that China is in the process of developing 200 million acres of high standard farmland in an attempt to become more self-sufficient.
The Quarterly Grain stocks estimate came in at 8.151 BB, right in line with expectations and 201 MB below last year. Corn acreage came in at 95.236 million, 965,000 above expectations, 4.732 million above last year, and 1.326 million above the Feb Ag Outlook Forum estimate. 40 of the 48 states which raise corn is showing steady to higher acreage for 2025. ND and SD are expected to plant a record amount of corn acres in 2025.
Corn opened Tuesday’s session higher and extended session gains throughout the session. Technical buying helped give corn strength early as did weather forecasts that are calling for heavy rain and snow to fall over much of the Plains and Corn Belt over the next two days. This will slow down planting in the Southern Plains and Delta states. As of March 28, Brazil was reporting first crop corn harvest progress at 57% complete vs 52% last week, and 60% average. Second, crop corn planting is estimated to be 98% complete vs 93% last week and 98% average. Monday afternoon’s Crop Progress report from TX is estimating corn planting progress at 55% complete vs 53%qverage. Emergence is 35% vs 24% average. Support also came from reports that Big Oil and the Biofuels group have a plan to take to EPA. The group wants to increase RDF mandate from 3.35 billion gallons to 5.5 billion and leave ethanol unchanged at 15 billion.
On Wednesday corn opened the session lower and saw losses expand throughout the night, but corn did manage to trim its losses into the day session. Early selling was tied to today being tariff day, which has most traders sitting on the sidelines waiting to see what trade is going to look like after the tariff news conference. Light selling was also tied to weather forecasts as much of the Corn Belt and Plains are seeing some form of moisture over the next few days. Losses were trimmed once the day session started due to reports of heavy rain is expected to fall in the southern regions of the Corn Belt and northern region of the Delta states, with some amounts topping 12 to 15 inches.
Last week’s ethanol production estimate was friendly, coming in at 1.063 million gallons, up 10,000 gallons from the previous week. Stocks were the brightest spot, coming in at 26.61 million, down 738,000 gallons from the previous week and well above expectations. Gas demand declined slightly for the third week in a row.
In Thursday’s session corn gapped lower and extended session losses throughout the night session. Early selling was tied to the Trump tariff announcement. Losses were trimmed once the day session started, and once cooler heads came into the market. By midsession the strength in wheat spilled over to help corn turn green. Strong export demand and expectations that demand will continue helped corn trim losses as well. US corn remains the cheapest in the world and with limited exportable bushels in other countries, traders are optimistic that demand will continue, at least for the next few months.
Target $5.15 to advance sales.
For the week, May corn was at $4.6075 up 7.0 cents. July corn was at $4.675 up 7.25 cents.
For the month, May corn was down 12.25 cents. July corn was down 12.5 cents.