Corn started the week by opening the session lower but like wheat, shook off pressure, found support, and rallied to trade with small gains throughout most of the session. Profit taking and position squaring after seeing decent gains last week was the main driver early. But once wheat turned higher and soybeans rallied higher, corn had no choice but to join in. Rumors of China buying helped give corn a boost early. News that USDA will release their Nov WASDE estimates added support. Traders are estimating corn harvest at 80% complete. Last week’s export inspections estimate came in at the upper end of expectations and at the second highest pace for 2025. To date, corn shipments are 64% ahead of last year’s pace for this time. StoneX Brazil is estimating Brazil’s total corn crop at 135.2 MMT vs 131.0 MMT earlier. Technically corn is right up against major resistance.
In Tuesday’s session corn opened lower and continued to trade with losses throughout the night and day session. Early selling was tied to profit taking. Technical selling was also evident as corn once again failed to cross over the $4.35 level. Light selling was tied to StoneX’s corn production estimate which came in at 186 bus vs 185.9 bus previously. USDA’s last corn yield estimate was 186.9 bus. In South American news, Dr Cordonnier is estimating Brazil’s 2025 corn crop at 140 MMT while Argentina’s 2025 corn crop is estimated at 54 MMT. Reuter’s is estimating corn harvest at 83% complete vs 72% last week.
Corn opened Wednesday’s session lower but managed to shake off early selling pressure and pushed to end the night session steady. Early selling was tied to profit taking and technical selling as once again corn failed to break above $4.35 resistance. Losses were trimmed from news that China is lowering their import tariff from 24% to 10%. Once soybeans were able to find solid support, corn followed and is back testing major resistance. Corn seems to be struck in a trading range between $4.30 and $4.35. A break above $4.35 will open corn up to test the $4.65 level while a close below $4.30 would likely result in a test of $4.00.
Last week’s ethanol production estimate was friendly, coming in above expectations and at all-time record pace. Last week’s production was estimated at 1.123 million barrels, up 32,000 barrels from the previous week. Stocks were also above expectations and at 7-week highs at 22.66 million. Up 288,000 barrels from the previous week. Gas demand slipped slightly lower.
Corn opened Thursday’s session lower and extended session losses throughout the night and accelerated the selloff once the day session started. Early selling was tied to decreasing confidence in the trade deal with China living up to its billing. Time is running out to carry out the 12 MMT purchases for 2025. Technical selling was also evident as corn continues to have a tough time crossing over the Dec $4.35 level. The trading range for Dec between $4.35 and $4.25 remains intact. Light selling was tied to position squaring ahead of next week’s USDA Crop Production report. This will be the first Supply and Demand report released since Sept and it will bring a lot of info into table form. Confidence in the report numbers is weak. Producers who are looking to re own earlier corn sales should look to buy March at the money calls.
Dec corn support is $4.10.
For the week, Dec corn was at $4.2725 down 4.25 cents. Mar corn was at $4.42 down 2.0 cents.
Corn Weekly Comments November 7
Corn Weekly Comments November 7
Corn started the week by opening the session lower but like wheat, shook off pressure, found support, and rallied to trade with small gains throughout most of the session. Profit taking and position squaring after seeing decent gains last week was the main driver early. But once wheat turned higher and soybeans rallied higher, corn had no choice but to join in. Rumors of China buying helped give corn a boost early. News that USDA will release their Nov WASDE estimates added support. Traders are estimating corn harvest at 80% complete. Last week’s export inspections estimate came in at the upper end of expectations and at the second highest pace for 2025. To date, corn shipments are 64% ahead of last year’s pace for this time. StoneX Brazil is estimating Brazil’s total corn crop at 135.2 MMT vs 131.0 MMT earlier. Technically corn is right up against major resistance.
In Tuesday’s session corn opened lower and continued to trade with losses throughout the night and day session. Early selling was tied to profit taking. Technical selling was also evident as corn once again failed to cross over the $4.35 level. Light selling was tied to StoneX’s corn production estimate which came in at 186 bus vs 185.9 bus previously. USDA’s last corn yield estimate was 186.9 bus. In South American news, Dr Cordonnier is estimating Brazil’s 2025 corn crop at 140 MMT while Argentina’s 2025 corn crop is estimated at 54 MMT. Reuter’s is estimating corn harvest at 83% complete vs 72% last week.
Corn opened Wednesday’s session lower but managed to shake off early selling pressure and pushed to end the night session steady. Early selling was tied to profit taking and technical selling as once again corn failed to break above $4.35 resistance. Losses were trimmed from news that China is lowering their import tariff from 24% to 10%. Once soybeans were able to find solid support, corn followed and is back testing major resistance. Corn seems to be struck in a trading range between $4.30 and $4.35. A break above $4.35 will open corn up to test the $4.65 level while a close below $4.30 would likely result in a test of $4.00.
Last week’s ethanol production estimate was friendly, coming in above expectations and at all-time record pace. Last week’s production was estimated at 1.123 million barrels, up 32,000 barrels from the previous week. Stocks were also above expectations and at 7-week highs at 22.66 million. Up 288,000 barrels from the previous week. Gas demand slipped slightly lower.
Corn opened Thursday’s session lower and extended session losses throughout the night and accelerated the selloff once the day session started. Early selling was tied to decreasing confidence in the trade deal with China living up to its billing. Time is running out to carry out the 12 MMT purchases for 2025. Technical selling was also evident as corn continues to have a tough time crossing over the Dec $4.35 level. The trading range for Dec between $4.35 and $4.25 remains intact. Light selling was tied to position squaring ahead of next week’s USDA Crop Production report. This will be the first Supply and Demand report released since Sept and it will bring a lot of info into table form. Confidence in the report numbers is weak. Producers who are looking to re own earlier corn sales should look to buy March at the money calls.
Dec corn support is $4.10.
For the week, Dec corn was at $4.2725 down 4.25 cents. Mar corn was at $4.42 down 2.0 cents.