Corn started the week by opening the session steady, then managed to post small gains throughout the night session. Trading was thin and light as corn only saw a 2-cent trading range. Early selling was tied to expectation of good harvest progress over the weekend as most regions experienced favorable weather. The 5-year average for corn harvest is close to 28% for this week. Last week corn harvest was at 18% done. OPEC plus voted to only increase crude production by 137,000 barrels starting in Nov, the same as Oct and a lot less than the 500,000 barrels expected. This helped give crude support which slipped over to help corn. Light support was also due to last week’s export inspections report, which was at the top of expectations. As of Oct 3, Brazil’s first crop corn planting progress was estimated at 43% complete vs 36% last week and 41% average.
In Tuesday’s session corn opened lower but managed to firm and trade with small changes from Monday’s close. Early selling was tied to the lack of news due to the government shutdown. Selling pressure expanded once the day session started. Light selling was also tied to weather forecasts calling for warm dry conditions throughout much of the US, which should allow for rapid harvest progress. Since the beginning of the year, China has imported 287 TMT of corn from Russia, 3 times average. Second in line is Brazil at 249 TMT and third is Ukraine at 231 TMT. US has only sold 20 TMT of corn to China to date.
Although the Oct Crop Production/WASDE report will not be released Thursday, estimates are being released. For corn, stocks are estimated at 2.23 BB vs 2.11 BB last month. Production is estimated at 16.645 BB vs 16.814 BB last month. Yield is estimated at 185.0 bus vs 186.7 bus last month.
Corn opened Wednesday’s session lower but firmed to trade mainly steady through the overnight session. Early selling was tied to hedge selling pressure as harvest continued to advance across the US. The lack of news continues to weigh on corn as well. But spill over buying from a stronger soybean complex spilled over to give corn strength, helping corn to push higher into the close. A stronger crude oil market added support. Since Sept, Dec corn has seen a trading range of 21 cents (high was $4.3125, low of $4.105).
Last week’s ethanol production was estimated at 1.071 million barrels per day, up 76,000 barrels from the previous week. Stocks were estimated at 22.72 million, down 44,000 barrels from the previous week. Gas demand rebounded.
On Thursday corn opened the session steady and continued to trade in that fashion throughout the night. Selling took place once the day session started with harvest pressure and the lack of news causing most of the pressure. Trading remains thin and light in corn, which was evident by the overnight session’s 2 cent trading range. Rosario Grain left Argentina’s corn production estimate unchanged at 61 MMT. Corn basis levels have improved this week, which is a sign of strong demand. Technically corn saw profit taking set in once hitting resistance. Spill over selling from a sloppy soybean market added pressure.
Dec corn support is $3.85.
For the week, Dec corn was at $4.13 down 6.0 cents. Mar corn was at $4.29 down 6.75 cents.
Corn Weekly Comments October 10
Corn Weekly Comments October 10
Corn started the week by opening the session steady, then managed to post small gains throughout the night session. Trading was thin and light as corn only saw a 2-cent trading range. Early selling was tied to expectation of good harvest progress over the weekend as most regions experienced favorable weather. The 5-year average for corn harvest is close to 28% for this week. Last week corn harvest was at 18% done. OPEC plus voted to only increase crude production by 137,000 barrels starting in Nov, the same as Oct and a lot less than the 500,000 barrels expected. This helped give crude support which slipped over to help corn. Light support was also due to last week’s export inspections report, which was at the top of expectations. As of Oct 3, Brazil’s first crop corn planting progress was estimated at 43% complete vs 36% last week and 41% average.
In Tuesday’s session corn opened lower but managed to firm and trade with small changes from Monday’s close. Early selling was tied to the lack of news due to the government shutdown. Selling pressure expanded once the day session started. Light selling was also tied to weather forecasts calling for warm dry conditions throughout much of the US, which should allow for rapid harvest progress. Since the beginning of the year, China has imported 287 TMT of corn from Russia, 3 times average. Second in line is Brazil at 249 TMT and third is Ukraine at 231 TMT. US has only sold 20 TMT of corn to China to date.
Although the Oct Crop Production/WASDE report will not be released Thursday, estimates are being released. For corn, stocks are estimated at 2.23 BB vs 2.11 BB last month. Production is estimated at 16.645 BB vs 16.814 BB last month. Yield is estimated at 185.0 bus vs 186.7 bus last month.
Corn opened Wednesday’s session lower but firmed to trade mainly steady through the overnight session. Early selling was tied to hedge selling pressure as harvest continued to advance across the US. The lack of news continues to weigh on corn as well. But spill over buying from a stronger soybean complex spilled over to give corn strength, helping corn to push higher into the close. A stronger crude oil market added support. Since Sept, Dec corn has seen a trading range of 21 cents (high was $4.3125, low of $4.105).
Last week’s ethanol production was estimated at 1.071 million barrels per day, up 76,000 barrels from the previous week. Stocks were estimated at 22.72 million, down 44,000 barrels from the previous week. Gas demand rebounded.
On Thursday corn opened the session steady and continued to trade in that fashion throughout the night. Selling took place once the day session started with harvest pressure and the lack of news causing most of the pressure. Trading remains thin and light in corn, which was evident by the overnight session’s 2 cent trading range. Rosario Grain left Argentina’s corn production estimate unchanged at 61 MMT. Corn basis levels have improved this week, which is a sign of strong demand. Technically corn saw profit taking set in once hitting resistance. Spill over selling from a sloppy soybean market added pressure.
Dec corn support is $3.85.
For the week, Dec corn was at $4.13 down 6.0 cents. Mar corn was at $4.29 down 6.75 cents.