After the long weekend, corn opened the overnight session steady but pushed higher throughout the night to post gains by the end of the night and then extended session gains once the day session started. Early support came from continued strong demand and world production concerns. Weather conditions have improved in Argentina, but rain continues to be a concern in Brazil. Reports that countries are starting to talk about increasing their purchases of US grain added support. As of Feb 14, Brazil’s first crop corn harvest was estimated at 29% complete vs 22% last week and 27% average. Second crop corn planting was estimated at 40% complete vs 22% last week and 27% average. Technically corn has managed to close above major resistance for two sessions in a row, which should open March up to test the $5.15 level.
In Wednesday’s session corn opened the overnight session steady and extended session gains throughout the rest of the night as well as into the start of the day. Early support came from BAGE latest production estimate for Argentina, which trimmed 1 MMT off putting production at 46 MMT. BAGE also lower Argentina’s corn crop rating 9% to 16% g/e and 49% p/vp. Reports that Taiwan was in and bought 65 TMT of US corn added support. Thailand is reportedly looking to make US feed products more price competitive by lowering the import tax on US grains and feedstuffs. Late in the session corn faded its gains with selling tied to profit taking and technical selling as traders took money off the table. Farmer selling was evident at $5.00.
Corn opened the session higher and extended session gains throughout the night and start of Thursday’s day session. Early support came from weather forecasts calling for hot temps to return to Argentina. Continued hints of increased export demand added support as a long list of countries are saying they are going to increase their purchases of US ag products to tighten up trade imbalances. Rumors that Trump has a huge trade deal in the works with China added early support. Gains were trimmed late in the session due to pressure spilling over from a softer wheat complex.
Target $5.15 to advance sales.
March corn support is at $4.50 while resistance is at $5.15.
For the week, Mar corn was at $4.9125 down 5.0 cents. May corn was at $5.05 down 3.75 cents.
Corn Weekly Comments February 21
Corn Weekly Comments February 21
After the long weekend, corn opened the overnight session steady but pushed higher throughout the night to post gains by the end of the night and then extended session gains once the day session started. Early support came from continued strong demand and world production concerns. Weather conditions have improved in Argentina, but rain continues to be a concern in Brazil. Reports that countries are starting to talk about increasing their purchases of US grain added support. As of Feb 14, Brazil’s first crop corn harvest was estimated at 29% complete vs 22% last week and 27% average. Second crop corn planting was estimated at 40% complete vs 22% last week and 27% average. Technically corn has managed to close above major resistance for two sessions in a row, which should open March up to test the $5.15 level.
In Wednesday’s session corn opened the overnight session steady and extended session gains throughout the rest of the night as well as into the start of the day. Early support came from BAGE latest production estimate for Argentina, which trimmed 1 MMT off putting production at 46 MMT. BAGE also lower Argentina’s corn crop rating 9% to 16% g/e and 49% p/vp. Reports that Taiwan was in and bought 65 TMT of US corn added support. Thailand is reportedly looking to make US feed products more price competitive by lowering the import tax on US grains and feedstuffs. Late in the session corn faded its gains with selling tied to profit taking and technical selling as traders took money off the table. Farmer selling was evident at $5.00.
Corn opened the session higher and extended session gains throughout the night and start of Thursday’s day session. Early support came from weather forecasts calling for hot temps to return to Argentina. Continued hints of increased export demand added support as a long list of countries are saying they are going to increase their purchases of US ag products to tighten up trade imbalances. Rumors that Trump has a huge trade deal in the works with China added early support. Gains were trimmed late in the session due to pressure spilling over from a softer wheat complex.
Target $5.15 to advance sales.
March corn support is at $4.50 while resistance is at $5.15.
For the week, Mar corn was at $4.9125 down 5.0 cents. May corn was at $5.05 down 3.75 cents.