Corn started the week by opening lower and then continued to trade with small losses throughout the night. Support spilled over from the higher wheat and soybean markets to help give corn a boost once the day session started by the buying was short lived. Selling was tied to non-threatening weather and expectations that the afternoon’s Crop Progress report will show a solid first crop rating for corn. A sharply higher crude oil market helped corn firm early in the day session, but the expectation for improving crop growing conditions weighed on corn. Technically Dec corn is at major support and looking for confirmation before extending the retracement. July has broken through support.
In Tuesday’s session corn opened higher but, like wheat, quickly reversed to trade lower and extended session losses throughout the session. Early support came from technical buying as corn traders tried to get corn to bounce off support lines. A lower than expected crop condition rating (67%, 1% below last year and 3% below expectations) added support. According to the Crop Progress report, there are five states behind their 5-year average planting pace (IL: -1%, IN: -3%, KS: -3%, OH: -10%, PA: -13%). Non-threatening weather forecasts started corn on the defense. Forecasts are calling for the continental US to see above normal temps and normal to above normal precip over the next 15 days, or virtually a greenhouse effect. Losses were kept in check by another stronger session in crude oil.
Corn opened higher in Wednesday’s session but traded with small changes throughout the night. Early support came from technical buying as corn tried to bounce off support. Support also came from news that South Kora was in and bought 136 TMT. This is a sign that corn has got cheap enough to start encouraging exports. But once wheat started to fade corn followed. The lack of threatening weather added to the pressure. Since the selloff started, corn has slipped about 50 cents and is sitting at lows not seen since the Jan Crop Production report was released.
Last week’s ethanol production was estimated at 1.108 million barrels, up 19,000 barrels from the previous week. Stocks were estimated at 24.61 million barrels, down 362,000 barrels from the previous week. Gas demand fell sharply lower.
On Thursday corn opened the session lower and extended session losses throughout the night and day session. The same song keeps playing, heavy seasonal selling pressure combined with poor technicals. Forecasts calling for on and off showers combined with above normal temps have convinced the funds that this year’s crop could easily see trend line yields, which would result in plentiful supplies. The market did not even blink as reports of Columbia coming in and buying 115 TMT of corn overnight. Corn has broken through support and is trading at new lows in July. Dec remains above contract lows but has broken through support. Corn’s new daily trading limit is 30 cents.
Hedgers should target $5.15 to advance 2026 sales to 45%.
July corn support is $4.35. Dec corn support is at $4.63.
For the week, July corn was at $4.175 down 29.25 cents. Dec corn was at $4.46 down 29.0 cents.
Corn Weekly Comments June 5
Corn Weekly Comments June 5
Corn started the week by opening lower and then continued to trade with small losses throughout the night. Support spilled over from the higher wheat and soybean markets to help give corn a boost once the day session started by the buying was short lived. Selling was tied to non-threatening weather and expectations that the afternoon’s Crop Progress report will show a solid first crop rating for corn. A sharply higher crude oil market helped corn firm early in the day session, but the expectation for improving crop growing conditions weighed on corn. Technically Dec corn is at major support and looking for confirmation before extending the retracement. July has broken through support.
In Tuesday’s session corn opened higher but, like wheat, quickly reversed to trade lower and extended session losses throughout the session. Early support came from technical buying as corn traders tried to get corn to bounce off support lines. A lower than expected crop condition rating (67%, 1% below last year and 3% below expectations) added support. According to the Crop Progress report, there are five states behind their 5-year average planting pace (IL: -1%, IN: -3%, KS: -3%, OH: -10%, PA: -13%). Non-threatening weather forecasts started corn on the defense. Forecasts are calling for the continental US to see above normal temps and normal to above normal precip over the next 15 days, or virtually a greenhouse effect. Losses were kept in check by another stronger session in crude oil.
Corn opened higher in Wednesday’s session but traded with small changes throughout the night. Early support came from technical buying as corn tried to bounce off support. Support also came from news that South Kora was in and bought 136 TMT. This is a sign that corn has got cheap enough to start encouraging exports. But once wheat started to fade corn followed. The lack of threatening weather added to the pressure. Since the selloff started, corn has slipped about 50 cents and is sitting at lows not seen since the Jan Crop Production report was released.
Last week’s ethanol production was estimated at 1.108 million barrels, up 19,000 barrels from the previous week. Stocks were estimated at 24.61 million barrels, down 362,000 barrels from the previous week. Gas demand fell sharply lower.
On Thursday corn opened the session lower and extended session losses throughout the night and day session. The same song keeps playing, heavy seasonal selling pressure combined with poor technicals. Forecasts calling for on and off showers combined with above normal temps have convinced the funds that this year’s crop could easily see trend line yields, which would result in plentiful supplies. The market did not even blink as reports of Columbia coming in and buying 115 TMT of corn overnight. Corn has broken through support and is trading at new lows in July. Dec remains above contract lows but has broken through support. Corn’s new daily trading limit is 30 cents.
Hedgers should target $5.15 to advance 2026 sales to 45%.
July corn support is $4.35. Dec corn support is at $4.63.
For the week, July corn was at $4.175 down 29.25 cents. Dec corn was at $4.46 down 29.0 cents.