To start the week corn opened lower but shook off early selling to trade with gains throughout the overnight session. Gains were expanded once the day session got started, but corn was the weakest link in the grains as it appeared that corn was only following soybeans. Early selling was tied to Friday’s Crop Production report, which was neutral to negative corn. But rumors that China was in buying US soybean and that Trump is personally following up with China on their ag purchases seemed to give traders a reason to enter the grains on the long side.
Corn did get a shot in the arm from the weekly export inspections estimate, which came in a new marketing year high. Year to date corn shipments is running 74% ahead of last year’s pace. Technically Dec corn is at its strong $4.35 resistance level. If corn can test and close above last week’s high ($4.4275), we could see corn make a run at $4.65. As of Nov 14, Brazil officials estimated first crop corn planting progress at 83% complete vs 78% last week and vs 87% average. Light support in corn was due to concerns of some areas of Brazil and Argentina starting to turn dry.
Corn opened Tuesday’s session lower but brushed off the early selling pressure and pushed to post small grains by the end of the night. Early selling was tied to technical selling as corn once again failed to cross over the $4.35 level in the Dec contract. But corn wasn’t done as buying stepped into the corn market at the start of the day session, helping corn bounce above resistance and helped corn remain above resistance throughout the session. Strong export demand, which was evident from yesterday’s sharply higher than expected corn shipments pace, added support. Confirmation that China was in and bought US soybeans also added support. Light support came from a slower than expected harvest pace for corn. Late in the day USDA released their Crop Progress report. The report estimated corn harvest progress at 91% complete vs 98% last year, and vs 94% average.
Corn opened lower and extended session losses throughout the night and into the day session on Wednesday. Early selling was tied to profit taking and technical selling as corn faded to test the low end of the trading range. Light selling was tied to reports that the Trump administration is considering delaying the imported biofuel feedstock credit cuts for 1 to 2 years. This is the rule tied to halting tax credits for imported biofuel feedstuffs like used restaurant oil from China. A stronger US dollar added pressure as it will make US corn a little less competitive for exports. Last week’s ethanol production estimate came in at 1.091 million barrels, up 16,000 barrels from the previous week. Stocks were estimated at 22.31 million, up 88,000 barrels from the previous week. Gas demand declined. Informa is estimating 2026 corn planted acreage at 95.0 million vs 98.8 million this year.
Corn opened Thursday’s session steady and continued to trade in that fashion throughout the night session. Early support spilled over from the higher wheat complex. Strong demand added support as USDA released their export sales for the week ending Oct 2 this morning. Corn’s export sales pace came in at 89 MB, which has corn’s year-to-date export sales pace for this time of year at a record. But corn faded its gains once the day session started with pressure spilling over from the lower soybean complex. Selling was tied to harvest pressure and hedge selling as a lot of producers are converting Dec basis fixed contracts to cash. Selling was also tied to long liquidation as traders look to exit positions and go flat ahead of first notice and the Thanksgiving Day holiday. Technically corn is flirting with support.
Dec corn support is $4.10.
For the week, Dec corn was at $4.255 down 4.75 cents. Mar corn was at $4.375 down 6.5 cents.
Corn Weekly Comments November 21
Corn Weekly Comments November 21
To start the week corn opened lower but shook off early selling to trade with gains throughout the overnight session. Gains were expanded once the day session got started, but corn was the weakest link in the grains as it appeared that corn was only following soybeans. Early selling was tied to Friday’s Crop Production report, which was neutral to negative corn. But rumors that China was in buying US soybean and that Trump is personally following up with China on their ag purchases seemed to give traders a reason to enter the grains on the long side.
Corn did get a shot in the arm from the weekly export inspections estimate, which came in a new marketing year high. Year to date corn shipments is running 74% ahead of last year’s pace. Technically Dec corn is at its strong $4.35 resistance level. If corn can test and close above last week’s high ($4.4275), we could see corn make a run at $4.65. As of Nov 14, Brazil officials estimated first crop corn planting progress at 83% complete vs 78% last week and vs 87% average. Light support in corn was due to concerns of some areas of Brazil and Argentina starting to turn dry.
Corn opened Tuesday’s session lower but brushed off the early selling pressure and pushed to post small grains by the end of the night. Early selling was tied to technical selling as corn once again failed to cross over the $4.35 level in the Dec contract. But corn wasn’t done as buying stepped into the corn market at the start of the day session, helping corn bounce above resistance and helped corn remain above resistance throughout the session. Strong export demand, which was evident from yesterday’s sharply higher than expected corn shipments pace, added support. Confirmation that China was in and bought US soybeans also added support. Light support came from a slower than expected harvest pace for corn. Late in the day USDA released their Crop Progress report. The report estimated corn harvest progress at 91% complete vs 98% last year, and vs 94% average.
Corn opened lower and extended session losses throughout the night and into the day session on Wednesday. Early selling was tied to profit taking and technical selling as corn faded to test the low end of the trading range. Light selling was tied to reports that the Trump administration is considering delaying the imported biofuel feedstock credit cuts for 1 to 2 years. This is the rule tied to halting tax credits for imported biofuel feedstuffs like used restaurant oil from China. A stronger US dollar added pressure as it will make US corn a little less competitive for exports. Last week’s ethanol production estimate came in at 1.091 million barrels, up 16,000 barrels from the previous week. Stocks were estimated at 22.31 million, up 88,000 barrels from the previous week. Gas demand declined. Informa is estimating 2026 corn planted acreage at 95.0 million vs 98.8 million this year.
Corn opened Thursday’s session steady and continued to trade in that fashion throughout the night session. Early support spilled over from the higher wheat complex. Strong demand added support as USDA released their export sales for the week ending Oct 2 this morning. Corn’s export sales pace came in at 89 MB, which has corn’s year-to-date export sales pace for this time of year at a record. But corn faded its gains once the day session started with pressure spilling over from the lower soybean complex. Selling was tied to harvest pressure and hedge selling as a lot of producers are converting Dec basis fixed contracts to cash. Selling was also tied to long liquidation as traders look to exit positions and go flat ahead of first notice and the Thanksgiving Day holiday. Technically corn is flirting with support.
Dec corn support is $4.10.
For the week, Dec corn was at $4.255 down 4.75 cents. Mar corn was at $4.375 down 6.5 cents.