Corn opened the week steady but turned lower and extended losses throughout the day. The lack of confirmation of China buying started corn on the defense. Additional selling was tied to rumors that China was releasing 2017 reserve wheat, which will go into the feed ration replacing corn. Reports of good rains in Brazil added selling pressure. Reports have the major corn regions in Brazil will see 109% of average rainfall in short term. On flip side, losses were kept in check by reports that Argentina’s major corn producing regions will only see 54% of normal rainfall in the short term. Corn demand remains strong, but with only two sessions left in the 2025 calendar year, traders are looking to even up positions and go flat.
Tuesday’s session had corn opening lower but managed to firm and trade close to unchanged throughout most of the night, and for that matter, day. Selling pressure did pick up the pace slightly during the day, but only because of added volume. Corn’s overnight trading range was only 1 cent. It improved to 3 cents during the day. Early selling was tied to position squaring and the evening up of positions ahead of year end. Dr Cordonnier left his SA production estimates unchanged with Brazil’s production at 137 MMT. Argentina’s production was left unchanged at 54 MMT. Planting progress in Argentina was estimated at 77% complete.
To close out the week, corn opened Wednesday’s session steady but slipped to trade with losses throughout most of the night. Trading was thin and uneventful though as corn only saw a 2-cent trading range. Early selling was tied to position squaring and profit taking ahead of year end. Traders were also looking to even up positions ahead of what will also be a long weekend for most traders. Expectations that USDA’s Jan 12 Crop Production report will be friendly helped corn recover and trade with gains during the day. Strength returned to corn at the start of the day session due to another strong export sales report. USDA released corn exports for the week ending Dec 18, and they estimated corn’s pace a 5-week high. But pressure from the lower wheat and soybean market proved to be too much for the bulls to overcome late in the session. Light selling was tied to SA weather as the 7-day forecast is calling for Brazil to see 100% average rain fall while Argentina is only expected to see 13% of normal. But the 8 to 14 shows Brazil drying out and Argentina getting wetter.
March corn support is $4.35.
For the week, March corn was at $4.375 down 12.5 cents. May corn was at $4.455 down 12.75 cents.
For the month, March corn was down 7.5 cents. May corn was down 7.5 cents.
For the year, March corn was down 15.0 cents. May corn was down 13.25 cents.
Corn Weekly Comments January 2
Corn Weekly Comments January 2
Corn opened the week steady but turned lower and extended losses throughout the day. The lack of confirmation of China buying started corn on the defense. Additional selling was tied to rumors that China was releasing 2017 reserve wheat, which will go into the feed ration replacing corn. Reports of good rains in Brazil added selling pressure. Reports have the major corn regions in Brazil will see 109% of average rainfall in short term. On flip side, losses were kept in check by reports that Argentina’s major corn producing regions will only see 54% of normal rainfall in the short term. Corn demand remains strong, but with only two sessions left in the 2025 calendar year, traders are looking to even up positions and go flat.
Tuesday’s session had corn opening lower but managed to firm and trade close to unchanged throughout most of the night, and for that matter, day. Selling pressure did pick up the pace slightly during the day, but only because of added volume. Corn’s overnight trading range was only 1 cent. It improved to 3 cents during the day. Early selling was tied to position squaring and the evening up of positions ahead of year end. Dr Cordonnier left his SA production estimates unchanged with Brazil’s production at 137 MMT. Argentina’s production was left unchanged at 54 MMT. Planting progress in Argentina was estimated at 77% complete.
To close out the week, corn opened Wednesday’s session steady but slipped to trade with losses throughout most of the night. Trading was thin and uneventful though as corn only saw a 2-cent trading range. Early selling was tied to position squaring and profit taking ahead of year end. Traders were also looking to even up positions ahead of what will also be a long weekend for most traders. Expectations that USDA’s Jan 12 Crop Production report will be friendly helped corn recover and trade with gains during the day. Strength returned to corn at the start of the day session due to another strong export sales report. USDA released corn exports for the week ending Dec 18, and they estimated corn’s pace a 5-week high. But pressure from the lower wheat and soybean market proved to be too much for the bulls to overcome late in the session. Light selling was tied to SA weather as the 7-day forecast is calling for Brazil to see 100% average rain fall while Argentina is only expected to see 13% of normal. But the 8 to 14 shows Brazil drying out and Argentina getting wetter.
March corn support is $4.35.
For the week, March corn was at $4.375 down 12.5 cents. May corn was at $4.455 down 12.75 cents.
For the month, March corn was down 7.5 cents. May corn was down 7.5 cents.
For the year, March corn was down 15.0 cents. May corn was down 13.25 cents.