After Monday’s holiday corn opened the session steady but firmed to trade with gains throughout the night session. Early support came from disappointing weekend rains in Argentina and from forecasts calling for hot and dry conditions to return for the rest of Jan. Corn turned mixed once the day session started but managed to shake off the selling pressure and turn higher by midsession. Light support was also due to the Trump administration slow walking the implementation of tariffs. Mexico, EU, and Canada have until Feb to get negotiations started before tariffs will be implements. As of Jan 17, Brazil’s first crop corn harvest is estimated at 7% complete vs 3% last week, and 7% average. Second crop corn planting progress is estimated at 2% complete vs 0% last week and vs 2% average. Technically corn is flirting with their next resistance line.
On Wednesday corn opened the session lower and extended session losses throughout the night and into the day. Selling was tied to weather forecasts that have put rain back in the 1 to 5 day forecast for Argentina. Although this rain is not expected to be a crop saving rain, if realized it is expected to bring some relief. Technical selling and profit taking was also evident as selling pressure pulls corn a little further from its $4.95 resistance level. Early selling pressure was kept in check by reports of an unknown destination coming in and buying 136 TMT of corn from the US. Light support came from rumors of China buying US corn, but there has been no confirmation. As of Tuesday’s close, corn has bounced 80 cents off its Aug lows.
In Thursday’s session corn opened the overnight session but managed to shake off the early selling pressure to push higher and corn continued to push higher throughout the day. Early support was due to rain being reduced in the 1 to 5 day forecast for Argentina. Rain is still in the forecast but amounts and coverages have decreased. Light support was also due to reports of delayed harvest activity in Brazil, which in turn will result in a slower planting season for the second crop corn crop. Technically corn remains in the upper end of their trading range and flirting with their next level of resistance.
Last week’s ethanol production estimate came in at 1.099 million barrels, up 4,000 barrels from the previous week. Stocks are estimated at 25.87 million, up 866,000 barrels from the previous month. Gas demand declined for the third week in the row,
Target $4.95 to advance sales.
March corn support is at $4.50 while resistance is at $4.95.
For the week, Mar corn was at $4.865 up 2.25 cents. May corn was at $4.965 up 3.5 cents.
Corn Weekly Comments January 24
Corn Weekly Comments January 24
After Monday’s holiday corn opened the session steady but firmed to trade with gains throughout the night session. Early support came from disappointing weekend rains in Argentina and from forecasts calling for hot and dry conditions to return for the rest of Jan. Corn turned mixed once the day session started but managed to shake off the selling pressure and turn higher by midsession. Light support was also due to the Trump administration slow walking the implementation of tariffs. Mexico, EU, and Canada have until Feb to get negotiations started before tariffs will be implements. As of Jan 17, Brazil’s first crop corn harvest is estimated at 7% complete vs 3% last week, and 7% average. Second crop corn planting progress is estimated at 2% complete vs 0% last week and vs 2% average. Technically corn is flirting with their next resistance line.
On Wednesday corn opened the session lower and extended session losses throughout the night and into the day. Selling was tied to weather forecasts that have put rain back in the 1 to 5 day forecast for Argentina. Although this rain is not expected to be a crop saving rain, if realized it is expected to bring some relief. Technical selling and profit taking was also evident as selling pressure pulls corn a little further from its $4.95 resistance level. Early selling pressure was kept in check by reports of an unknown destination coming in and buying 136 TMT of corn from the US. Light support came from rumors of China buying US corn, but there has been no confirmation. As of Tuesday’s close, corn has bounced 80 cents off its Aug lows.
In Thursday’s session corn opened the overnight session but managed to shake off the early selling pressure to push higher and corn continued to push higher throughout the day. Early support was due to rain being reduced in the 1 to 5 day forecast for Argentina. Rain is still in the forecast but amounts and coverages have decreased. Light support was also due to reports of delayed harvest activity in Brazil, which in turn will result in a slower planting season for the second crop corn crop. Technically corn remains in the upper end of their trading range and flirting with their next level of resistance.
Last week’s ethanol production estimate came in at 1.099 million barrels, up 4,000 barrels from the previous week. Stocks are estimated at 25.87 million, up 866,000 barrels from the previous month. Gas demand declined for the third week in the row,
Target $4.95 to advance sales.
March corn support is at $4.50 while resistance is at $4.95.
For the week, Mar corn was at $4.865 up 2.25 cents. May corn was at $4.965 up 3.5 cents.