Corn started the week by opening the overnight session lower and continued to trade with small losses throughout the night. Early selling was tied to good growing conditions in SA. Losses were trimmed by an export sale as Mexico was in and bought 454,090 MT of US corn overnight, 364,792 MT in 2024 and 82,298 MT in 2025. Corn continues to play the follower as once wheat broke lower, so did corn. Thin trading added to the pressure as the few traders that are in the market were looking to square up positions ahead of the holiday and end of month. Dec contracts have to be either liquidated or rolled by close of Wednesday, that will put some pressure on the cash trade.
On Tuesday corn opened lower, recovered to trade with minor changes throughout the night session, but slipped lower once the day session got going. Thin light trading was the theme in the corn market today. Pressure was due to Trump looking to increase China’s tariffs 10% putting them at 25% and imposing a 25% tariff on imports from Mexico and Canada. Losses were kept in check early by Dr Cordonnier SA production estimates. He left his Brazil corn production estimate unchanged at 125 MMT and also left his Argentina production estimate unchanged at 48 MMT. In export news, South Korea bought 198 TMT optional origin corn from the US, South America, and South Africa. Corn’s close was disappointing today, but no damage has been done to the technicals as of yet.
In Wednesday’s session corn opened the overnight session lower but managed to trade steady throughout most of the night. Early support came from reports that Taiwan bought 65 TMT of US corn. Reports South Africa dropped restrictions on imported US corn added support. South Africa’s corn production dropped close to 23% due to drought. Selling returned to corn once the day session started with selling tied to position squaring ahead of the holiday as well as from end of month and ahead of first notice day, which is Friday. Dec was under heavy pressure from liquidation ahead of first notice as not only did futures need to be rolled, so did basis fixed contracts.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Dec corn was at $4.2325 down 2.25 cents. March corn was at $4.3325 down 2.0 cents.
Corn Weekly Comments Nov 29
Corn Weekly Comments Nov 29
Corn started the week by opening the overnight session lower and continued to trade with small losses throughout the night. Early selling was tied to good growing conditions in SA. Losses were trimmed by an export sale as Mexico was in and bought 454,090 MT of US corn overnight, 364,792 MT in 2024 and 82,298 MT in 2025. Corn continues to play the follower as once wheat broke lower, so did corn. Thin trading added to the pressure as the few traders that are in the market were looking to square up positions ahead of the holiday and end of month. Dec contracts have to be either liquidated or rolled by close of Wednesday, that will put some pressure on the cash trade.
On Tuesday corn opened lower, recovered to trade with minor changes throughout the night session, but slipped lower once the day session got going. Thin light trading was the theme in the corn market today. Pressure was due to Trump looking to increase China’s tariffs 10% putting them at 25% and imposing a 25% tariff on imports from Mexico and Canada. Losses were kept in check early by Dr Cordonnier SA production estimates. He left his Brazil corn production estimate unchanged at 125 MMT and also left his Argentina production estimate unchanged at 48 MMT. In export news, South Korea bought 198 TMT optional origin corn from the US, South America, and South Africa. Corn’s close was disappointing today, but no damage has been done to the technicals as of yet.
In Wednesday’s session corn opened the overnight session lower but managed to trade steady throughout most of the night. Early support came from reports that Taiwan bought 65 TMT of US corn. Reports South Africa dropped restrictions on imported US corn added support. South Africa’s corn production dropped close to 23% due to drought. Selling returned to corn once the day session started with selling tied to position squaring ahead of the holiday as well as from end of month and ahead of first notice day, which is Friday. Dec was under heavy pressure from liquidation ahead of first notice as not only did futures need to be rolled, so did basis fixed contracts.
Target $4.65 to advance sales.
March corn support is at $4.05 while resistance is at $4.50.
For the week, Dec corn was at $4.2325 down 2.25 cents. March corn was at $4.3325 down 2.0 cents.