Corn started the week by opening lower but managed to recover and post gains by the end of the night session. Gains were expanded once the day session started with corn rallying to post 5 cent gains early in the day. Early support came from weather forecasts for Argentina calling for warm dry conditions for the next 10 to 14 days. But once soybeans faded their gains, corn experienced the same retracement. In South American news, BAGE is estimating Argentina corn planted acreage at 16.3 million vs earlier estimate for 15.6 million. Friday’s close for corn was the highest since June 13. Technically Tuesday’s close in corn was not good as corn put in a key reversal down formation on the charts, which is a sign of a possible tend change.
On Tuesday corn opened the session steady but pushed to post gains soon after opening. Monday’s close was a technical challenge, but corn seemed to put that session in the past and push higher to close out the year. Tuesday’s higher close negates Monday’s key reversal chart formation. Support came from Argentina’s weather forecast calling for hot dry conditions for the next 10 to 14 days. Temps are expected to range between 95 and 105. Position squaring and profit taking ahead of year end added support.
When the markets reopened on Thursday morning, corn opened steady to lower but extended session losses early. Technical selling and light spillover pressure from the lower wheat complex pressured corn early in the session. Light selling was tied to Dr Cordonnier’s SA production estimate. He left Brazil’s production unchanged at 125 MMT but increased Argentina’s 1 MMT to 50 MMT. Late session strength spill over from the higher soybean market, which is seeing support from weather forecasts calling for Argentina to see warming temps and little to no rain for the next two weeks. The lower wheat complex kept gains in corn in check.
Last week’s ethanol production was estimated at 1.111 million barrels, up 4,000 barrels from the previous week. Stocks were estimated at 23.64 million barrels, up 565,000 barrels from the previous week. Gas demand dropped sharply.
According to Pro Farmer, USDA’s projected per acre payment for the $10 Billion Ag Economic Program for corn will be $42.51.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Mar corn was at $4.5075 down 3.25 cents. May corn was at $4.5825 down 3.25 cents.
For the month, Mar corn was up 25.5 cents. May corn was up 26.0 cents.
For the year, Mar corn was down 12.75 cents. May corn was down 18.25 cents.
Corn Weekly Comments January 3
Corn Weekly Comments January 3
Corn started the week by opening lower but managed to recover and post gains by the end of the night session. Gains were expanded once the day session started with corn rallying to post 5 cent gains early in the day. Early support came from weather forecasts for Argentina calling for warm dry conditions for the next 10 to 14 days. But once soybeans faded their gains, corn experienced the same retracement. In South American news, BAGE is estimating Argentina corn planted acreage at 16.3 million vs earlier estimate for 15.6 million. Friday’s close for corn was the highest since June 13. Technically Tuesday’s close in corn was not good as corn put in a key reversal down formation on the charts, which is a sign of a possible tend change.
On Tuesday corn opened the session steady but pushed to post gains soon after opening. Monday’s close was a technical challenge, but corn seemed to put that session in the past and push higher to close out the year. Tuesday’s higher close negates Monday’s key reversal chart formation. Support came from Argentina’s weather forecast calling for hot dry conditions for the next 10 to 14 days. Temps are expected to range between 95 and 105. Position squaring and profit taking ahead of year end added support.
When the markets reopened on Thursday morning, corn opened steady to lower but extended session losses early. Technical selling and light spillover pressure from the lower wheat complex pressured corn early in the session. Light selling was tied to Dr Cordonnier’s SA production estimate. He left Brazil’s production unchanged at 125 MMT but increased Argentina’s 1 MMT to 50 MMT. Late session strength spill over from the higher soybean market, which is seeing support from weather forecasts calling for Argentina to see warming temps and little to no rain for the next two weeks. The lower wheat complex kept gains in corn in check.
Last week’s ethanol production was estimated at 1.111 million barrels, up 4,000 barrels from the previous week. Stocks were estimated at 23.64 million barrels, up 565,000 barrels from the previous week. Gas demand dropped sharply.
According to Pro Farmer, USDA’s projected per acre payment for the $10 Billion Ag Economic Program for corn will be $42.51.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Mar corn was at $4.5075 down 3.25 cents. May corn was at $4.5825 down 3.25 cents.
For the month, Mar corn was up 25.5 cents. May corn was up 26.0 cents.
For the year, Mar corn was down 12.75 cents. May corn was down 18.25 cents.