Corn opened Monday’s session higher and extended gains through the night. Early support was due to reports of an export sale of 105 TMT of corn to an unknown destination. Gains were kept in check by forecasts showing good rains fell in southern MN, IA, MO, NE and KS. Forecasts are also calling for rain events for the same region over the next 7 days. Expectations that the previous week’s rain will stop the crop deterioration added pressure during the day session. Lighter export projections from Ukraine and lower production estimates added support. Corn production estimates are at 29.8 MMT vs 30.1 MMT last month. As of August 7, Brazil was estimating the second corn crop harvest at 63% complete vs 55% last week, and vs 73% average.
In Tuesday’s session corn opened higher and continued to trade with gains throughout the night and early morning hours. Support came from Monday afternoon’s Crop Progress report, which showed another week of poor ratings for the Northern Plains and western Corn Belt. But at 6 AM, selling took charge with most of the pressure coming from a post indicating the US and Iran could be close to a deal, according to Pakistan. Weather forecasts call for heavy rain over the next 7 days for the Corn Belt added pressure. Rain has even entered into the next 5-day forecast for the Northern Plains. Losses were trimmed by ideas that the storms moving across the Corn Belt might cause severe damage to the northern regions of the Corn Belt. Position squaring and the evening up of positions ahead of tomorrow’s report was also evident.
Corn opened Wednesday’s session steady but found support and bounced to trade with solid gains throughout the night. Light support spilled over from the higher wheat exchanges with support also coming from reports of an escalation in the war with Iran as well as another escalation between Russia and Ukraine. Light support came from reports of damage reports from yesterday’s derecho that went through IL, IN, and OH. Weather forecasts calling for heavy rains to continue to move through the central and eastern Corn Blet over the next 7 days added support.
The trifecta came with USDA’s report, which was friendly corn. As expected, USDA increased old crop exports by 75 MB, resulting in an ending stocks estimate of 1.945 BB, 55 MB below expectations. The increase in old crop demand followed through to decrease beginning stocks by the same.
The surprise in the corn came from the acreage numbers as USDA increased planted acreage 1.4 million and harvested acreage by 1.2 million. The increase in acres was somewhat offset by a 2.3 bus decline in yield, now estimated at 180.7 bus, 1.6 bus below expectations. This put production at 16.013 BB, 13 MB above last month and 98 MB above expectations. On the demand side, USDA increased exports 75 MB to 3.275 BB. That put stocks at a tight 1.653 BB, 137 MB below last month and 71MB below expectations. The national average price increased 10 cents to $4.50.
Last week’s ethanol production was estimated at 1.117 million barrels, up 10,000 barrels from the previous week. Stocks were estimated at 24.798 million, up 274,000 barrels from the previous week.
Corn opened Thursday’s session lower and extended losses throughout the night. Selling was tied to improving weather conditions as rain continues to move across the Corn Belt. Reports have the central and eastern Corn Belt picking up 6 inches of rain over the past 7 days. Forecasts are calling for the same pattern for the next 7 days. Light selling spilled over from the wheat which was under pressure due to reports of a deal Ukraine is trying to make with Russia. So far Russia is not responding. Corn’s trading volume on Wednesday was reported at 915,997 contracts. Which was one of the top 5 most traded sessions of all time. CONAB increased their corn production estimate for Brazil to 143 MMT vs 141.7 MMT previously. Rosario Grain Exchange is estimating Argentina’s corn production at 70.5 MMT vs 68 MMT previously.
Sept corn support is $4.30. Dec corn support is at $4.50.
For the week, Sept corn was at $4.595 up 20.0 cents. Dec corn was at $4.8875 up 21.25 cents.
Corn Weekly Comments August 14
Corn Weekly Comments August 14
Corn opened Monday’s session higher and extended gains through the night. Early support was due to reports of an export sale of 105 TMT of corn to an unknown destination. Gains were kept in check by forecasts showing good rains fell in southern MN, IA, MO, NE and KS. Forecasts are also calling for rain events for the same region over the next 7 days. Expectations that the previous week’s rain will stop the crop deterioration added pressure during the day session. Lighter export projections from Ukraine and lower production estimates added support. Corn production estimates are at 29.8 MMT vs 30.1 MMT last month. As of August 7, Brazil was estimating the second corn crop harvest at 63% complete vs 55% last week, and vs 73% average.
In Tuesday’s session corn opened higher and continued to trade with gains throughout the night and early morning hours. Support came from Monday afternoon’s Crop Progress report, which showed another week of poor ratings for the Northern Plains and western Corn Belt. But at 6 AM, selling took charge with most of the pressure coming from a post indicating the US and Iran could be close to a deal, according to Pakistan. Weather forecasts call for heavy rain over the next 7 days for the Corn Belt added pressure. Rain has even entered into the next 5-day forecast for the Northern Plains. Losses were trimmed by ideas that the storms moving across the Corn Belt might cause severe damage to the northern regions of the Corn Belt. Position squaring and the evening up of positions ahead of tomorrow’s report was also evident.
Corn opened Wednesday’s session steady but found support and bounced to trade with solid gains throughout the night. Light support spilled over from the higher wheat exchanges with support also coming from reports of an escalation in the war with Iran as well as another escalation between Russia and Ukraine. Light support came from reports of damage reports from yesterday’s derecho that went through IL, IN, and OH. Weather forecasts calling for heavy rains to continue to move through the central and eastern Corn Blet over the next 7 days added support.
The trifecta came with USDA’s report, which was friendly corn. As expected, USDA increased old crop exports by 75 MB, resulting in an ending stocks estimate of 1.945 BB, 55 MB below expectations. The increase in old crop demand followed through to decrease beginning stocks by the same.
The surprise in the corn came from the acreage numbers as USDA increased planted acreage 1.4 million and harvested acreage by 1.2 million. The increase in acres was somewhat offset by a 2.3 bus decline in yield, now estimated at 180.7 bus, 1.6 bus below expectations. This put production at 16.013 BB, 13 MB above last month and 98 MB above expectations. On the demand side, USDA increased exports 75 MB to 3.275 BB. That put stocks at a tight 1.653 BB, 137 MB below last month and 71MB below expectations. The national average price increased 10 cents to $4.50.
Last week’s ethanol production was estimated at 1.117 million barrels, up 10,000 barrels from the previous week. Stocks were estimated at 24.798 million, up 274,000 barrels from the previous week.
Corn opened Thursday’s session lower and extended losses throughout the night. Selling was tied to improving weather conditions as rain continues to move across the Corn Belt. Reports have the central and eastern Corn Belt picking up 6 inches of rain over the past 7 days. Forecasts are calling for the same pattern for the next 7 days. Light selling spilled over from the wheat which was under pressure due to reports of a deal Ukraine is trying to make with Russia. So far Russia is not responding. Corn’s trading volume on Wednesday was reported at 915,997 contracts. Which was one of the top 5 most traded sessions of all time. CONAB increased their corn production estimate for Brazil to 143 MMT vs 141.7 MMT previously. Rosario Grain Exchange is estimating Argentina’s corn production at 70.5 MMT vs 68 MMT previously.
Sept corn support is $4.30. Dec corn support is at $4.50.
For the week, Sept corn was at $4.595 up 20.0 cents. Dec corn was at $4.8875 up 21.25 cents.