Corn started the week by opening lower then firmed to trade with gains by the end of the night session. Early support came from news of a flash export sale of 132 TMT of corn to an unknown destination. Weather forecast for Argentina calling for warmer drier conditions over the next few weeks added support. Gains were trimmed in the day session with selling spilling over from a lower soybean market. Light support came from late Friday’s news that a trade panel ruled in favor of the US in the Mexico GMO corn dispute.
In Tuesday’s abbreviated session corn opened the overnight session lower, but firmed to trade steady throughout the overnight, and then rallied to trade with small gains during the day. Gains spilled over the higher soybean complex as well as from strong demand. Gains were kept in check by spill over pressure from the lower wheat as well as from reports of good rains overnight in Argentina.
After the holiday corn opened higher on Thursday morning and then extended session gains throughout the session. Early support spilled over from the other grains as both wheat and soybeans pushed higher. Technical buying added support as corn continues to be the one bright spot in the grains. March corn is flirting with $4.50 level, which if corn can close above, could open corn up to test the next level of resistance.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for corn is $43.80.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Mar corn was at $4.54 up 7.75 cent. May corn was at $4.615 up 9.75 cents.
Corn Weekly Comments Dec 27
Corn Weekly Comments Dec 27
Corn started the week by opening lower then firmed to trade with gains by the end of the night session. Early support came from news of a flash export sale of 132 TMT of corn to an unknown destination. Weather forecast for Argentina calling for warmer drier conditions over the next few weeks added support. Gains were trimmed in the day session with selling spilling over from a lower soybean market. Light support came from late Friday’s news that a trade panel ruled in favor of the US in the Mexico GMO corn dispute.
In Tuesday’s abbreviated session corn opened the overnight session lower, but firmed to trade steady throughout the overnight, and then rallied to trade with small gains during the day. Gains spilled over the higher soybean complex as well as from strong demand. Gains were kept in check by spill over pressure from the lower wheat as well as from reports of good rains overnight in Argentina.
After the holiday corn opened higher on Thursday morning and then extended session gains throughout the session. Early support spilled over from the other grains as both wheat and soybeans pushed higher. Technical buying added support as corn continues to be the one bright spot in the grains. March corn is flirting with $4.50 level, which if corn can close above, could open corn up to test the next level of resistance.
USDA’s projected per acre payment for the $10 Billion Ag Economic Program for corn is $43.80.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Mar corn was at $4.54 up 7.75 cent. May corn was at $4.615 up 9.75 cents.