To start the week corn opened lower but firmed to trade mostly steady throughout the night. Technical selling and spill over pressure from Friday were the main reasons for the early session pressure. Reports that the administration will not finalize the 2026 biofuel mandates by end of year added pressure. Early losses were kept in check from reports of another flash sale of corn to unknown destination, this time for 150 TMT. Light selling was tied to reports of good rains over the weekend in Brazil as well as from forecasts calling for good rains over the next 7 days. Another strong export sales report (for week ending Nov 20) and export inspections estimate limited losses. Technically corn is at the bottom of its trading range and looking for news to help push it higher.
On Tuesday corn opened steady but faded to trade with small losses during the overnight. Trading ranges remained tight for corn as the overnight only saw a 2-cent range. Early support was due to bargain hunting, but once the small time buying dried up, funds were left to sell. Technical selling was evident as traders tried to push corn towards major support. Reports that Mexico has filed an anti-dumping and anti-subsidy investigation against US pork imports added pressure. This development could result in trade tensions to escalate and at this time Mexico is a huge buyer of US corn. Additional selling was tied to reports from the EPA saying they will release the 2026 and 2027 RVO’s in Q1 2026. Technically corn is testing the bottom of their recent trading range and lows not seen since the third week of October.
Corn opened Wednesday’s session lower but shook off the selling pressure to push higher and continued to extend gains throughout the night and into the day session. Early selling spilled over from Tuesday’s poor performance, but once corn hit support buy orders were uncovered. Corn extended session gains once the day session got under way with support coming from another flash export sale. Reports had Mexico in buying 177 TMT of US corn overnight. There are rumors that South Korea bought 268 TMT of US corn out of the PNW as well. Light support also came from a firm energy market due to reports of the administration putting a blockade on all sanctioned oil tankers from Venezuela.
Last week’s record setting ethanol production estimate added support. Last week’s ethanol production pace was estimated at 1.131 million barrels, a new all-time record and 26,000 barrels above the previous week. Stocks were estimated at 22.35 million barrels, down 157,000 barrels from the previous week. Gas demand surged higher this past week, to now be above the 5-year average.
Corn opened Thursday’s session steady but found support and pushed to trade with gains for the rest of the night and even extended session gains in the day session. Technical buying helped corn bounce off support. Another strong export sales estimated added support. Corn exports to date are running about 30% above last year’s pace at this time. Light support came from reports that China imported 560 TMT of corn in Nov, which is the highest amount of corn imports in 16 months. Technically corn should be set to stage a decent recovery and make a test of their recent highs, with the strength coming from the past two higher closes. As of December 18, Argentina is reporting corn planting progress at 73% complete vs 66% last week and vs 70% average.
March corn support is $4.35.
For the week, March corn was at $4.4375 up 3.0 cents. May corn was at $4.515 up 2.5 cents.
Corn Weekly Comments December 19
Corn Weekly Comments December 19
To start the week corn opened lower but firmed to trade mostly steady throughout the night. Technical selling and spill over pressure from Friday were the main reasons for the early session pressure. Reports that the administration will not finalize the 2026 biofuel mandates by end of year added pressure. Early losses were kept in check from reports of another flash sale of corn to unknown destination, this time for 150 TMT. Light selling was tied to reports of good rains over the weekend in Brazil as well as from forecasts calling for good rains over the next 7 days. Another strong export sales report (for week ending Nov 20) and export inspections estimate limited losses. Technically corn is at the bottom of its trading range and looking for news to help push it higher.
On Tuesday corn opened steady but faded to trade with small losses during the overnight. Trading ranges remained tight for corn as the overnight only saw a 2-cent range. Early support was due to bargain hunting, but once the small time buying dried up, funds were left to sell. Technical selling was evident as traders tried to push corn towards major support. Reports that Mexico has filed an anti-dumping and anti-subsidy investigation against US pork imports added pressure. This development could result in trade tensions to escalate and at this time Mexico is a huge buyer of US corn. Additional selling was tied to reports from the EPA saying they will release the 2026 and 2027 RVO’s in Q1 2026. Technically corn is testing the bottom of their recent trading range and lows not seen since the third week of October.
Corn opened Wednesday’s session lower but shook off the selling pressure to push higher and continued to extend gains throughout the night and into the day session. Early selling spilled over from Tuesday’s poor performance, but once corn hit support buy orders were uncovered. Corn extended session gains once the day session got under way with support coming from another flash export sale. Reports had Mexico in buying 177 TMT of US corn overnight. There are rumors that South Korea bought 268 TMT of US corn out of the PNW as well. Light support also came from a firm energy market due to reports of the administration putting a blockade on all sanctioned oil tankers from Venezuela.
Last week’s record setting ethanol production estimate added support. Last week’s ethanol production pace was estimated at 1.131 million barrels, a new all-time record and 26,000 barrels above the previous week. Stocks were estimated at 22.35 million barrels, down 157,000 barrels from the previous week. Gas demand surged higher this past week, to now be above the 5-year average.
Corn opened Thursday’s session steady but found support and pushed to trade with gains for the rest of the night and even extended session gains in the day session. Technical buying helped corn bounce off support. Another strong export sales estimated added support. Corn exports to date are running about 30% above last year’s pace at this time. Light support came from reports that China imported 560 TMT of corn in Nov, which is the highest amount of corn imports in 16 months. Technically corn should be set to stage a decent recovery and make a test of their recent highs, with the strength coming from the past two higher closes. As of December 18, Argentina is reporting corn planting progress at 73% complete vs 66% last week and vs 70% average.
March corn support is $4.35.
For the week, March corn was at $4.4375 up 3.0 cents. May corn was at $4.515 up 2.5 cents.