To start the week corn opened the session lower and continued to trade with losses throughout the overnight session. Trading was thin and light as traders seemed to be waiting for news to give them direction, which was evident when looking at corn’s tight 2.75 cent trading range. Light selling was tied to Brazil’s progress reports. As of Feb 6, Brazil’s first crop corn harvest was estimated at 17% complete vs 11% last week and 22% average. The second corn crop planting progress was estimated at 13% complete vs 7% last week and 16% average. Losses were kept in check from reports that Ukraine’s corn export sales pace will fall short of expectations due to the war. Corn sales are now projected at 23.5 MMT vs 25.5 MMT previously. Light activity was centered on position squaring ahead of Tuesday’s report.
Corn opened Tuesday’s session lower but managed to shake off early selling pressure and push higher. Trading was thin in the overnight session as corn only saw a 1.75 cent trading range. Early activity was centered on last minute position squaring ahead of today’s USDA reports. Dr Cordonnier left his SA production estimates unchanged this week with Brazil’s corn production estimated at 137 MMT while Argentina’s production remained at 47 MMT. Light support spilled over from a higher soybean complex.
USDA’s Feb Crop Production report was friendly to bullish corn, but corn traders took the report in stride. USDA left old crop corn’s supply and demand numbers unchanged. For new crop USDA increased exports 100 MB. That followed all the way to result in ending stocks dropping the same, putting stocks at 2.13 BB, 109 MB below expectations.
On the world stage, stocks were estimated at 289.0 MMT, 1.6 MMT below expectations and 1.9 MMT below last month. Adjustments to old crop world corn was Brazil’s exports increased 500 TMT and Mexico’s production dropping 100 TMT. New crop world adjustments were Ukraine exports dropped 1 MMT, Mexico production dropped 300 TMT and Mexico imports increased 500 TMT. Brazil and Argentina’s production estimates were left unchanged.
Corn opened Wednesday’s session steady and continued to trade with little activity throughout the night. The overnight trading range for corn was only 1.25 cents. There was little excitement in the corn trade today as the market just seemed to be comfortable to waffle around unchanged. Corn did have positive news from reports of a flash sale of 231 TMT of corn went to an unknown destination. A slower than expected export pace for Ukraine added support. Year to date corn exports is at 9.37 MMT vs 13.27 MMT last year.
This week’s ethanol production report was friendly as it showed a good recovery from the previous week’s pace. Last week’s pace was estimated at 1.1 million barrels, up 154,000 barrels from the previous week. Stocks were estimated at 25.25 million, up 111,000 barrels from the previous week.
In Thursday’s session corn opened the higher and extended session gains throughout the night and into the start of the day session. Corn’s overnight trading range was tight once again with most months only seeing a 2-cent range. Reports that China has bought 45 cargos (25 MMT) of US sorghum over the past three months added support to corn. This is already 3 times the amount of sorghum bought in all of 2024. CONAB lowered their Brazil’s corn crop at 138.45 MMT vs 138.9 MMT previously. Rosario Grain left their Argentina corn production estimate unchanged at 62 MMT. Last week’s corn export sales pace came in above expectations.
March corn support is $4.10.
For the week, March corn was at $4.3175 up 1.5 cents. May corn was at $4.42 up 3.25 cents.
Corn Weekly Comments February 13
Corn Weekly Comments February 13
To start the week corn opened the session lower and continued to trade with losses throughout the overnight session. Trading was thin and light as traders seemed to be waiting for news to give them direction, which was evident when looking at corn’s tight 2.75 cent trading range. Light selling was tied to Brazil’s progress reports. As of Feb 6, Brazil’s first crop corn harvest was estimated at 17% complete vs 11% last week and 22% average. The second corn crop planting progress was estimated at 13% complete vs 7% last week and 16% average. Losses were kept in check from reports that Ukraine’s corn export sales pace will fall short of expectations due to the war. Corn sales are now projected at 23.5 MMT vs 25.5 MMT previously. Light activity was centered on position squaring ahead of Tuesday’s report.
Corn opened Tuesday’s session lower but managed to shake off early selling pressure and push higher. Trading was thin in the overnight session as corn only saw a 1.75 cent trading range. Early activity was centered on last minute position squaring ahead of today’s USDA reports. Dr Cordonnier left his SA production estimates unchanged this week with Brazil’s corn production estimated at 137 MMT while Argentina’s production remained at 47 MMT. Light support spilled over from a higher soybean complex.
USDA’s Feb Crop Production report was friendly to bullish corn, but corn traders took the report in stride. USDA left old crop corn’s supply and demand numbers unchanged. For new crop USDA increased exports 100 MB. That followed all the way to result in ending stocks dropping the same, putting stocks at 2.13 BB, 109 MB below expectations.
On the world stage, stocks were estimated at 289.0 MMT, 1.6 MMT below expectations and 1.9 MMT below last month. Adjustments to old crop world corn was Brazil’s exports increased 500 TMT and Mexico’s production dropping 100 TMT. New crop world adjustments were Ukraine exports dropped 1 MMT, Mexico production dropped 300 TMT and Mexico imports increased 500 TMT. Brazil and Argentina’s production estimates were left unchanged.
Corn opened Wednesday’s session steady and continued to trade with little activity throughout the night. The overnight trading range for corn was only 1.25 cents. There was little excitement in the corn trade today as the market just seemed to be comfortable to waffle around unchanged. Corn did have positive news from reports of a flash sale of 231 TMT of corn went to an unknown destination. A slower than expected export pace for Ukraine added support. Year to date corn exports is at 9.37 MMT vs 13.27 MMT last year.
This week’s ethanol production report was friendly as it showed a good recovery from the previous week’s pace. Last week’s pace was estimated at 1.1 million barrels, up 154,000 barrels from the previous week. Stocks were estimated at 25.25 million, up 111,000 barrels from the previous week.
In Thursday’s session corn opened the higher and extended session gains throughout the night and into the start of the day session. Corn’s overnight trading range was tight once again with most months only seeing a 2-cent range. Reports that China has bought 45 cargos (25 MMT) of US sorghum over the past three months added support to corn. This is already 3 times the amount of sorghum bought in all of 2024. CONAB lowered their Brazil’s corn crop at 138.45 MMT vs 138.9 MMT previously. Rosario Grain left their Argentina corn production estimate unchanged at 62 MMT. Last week’s corn export sales pace came in above expectations.
March corn support is $4.10.
For the week, March corn was at $4.3175 up 1.5 cents. May corn was at $4.42 up 3.25 cents.