To start the week corn opened the session higher and extended session gains throughout the night and day session. Early support spilled over from news that the meeting ahead of Thursday’s Xi Trump meeting went very well. Bessent reported that the talks went well and that China has agreed to resume buying substantial soybeans from the US. This has traders hoping the buying will spread to other crops as well. Gains were kept in check by another clear weekend which should help harvest progress advance. Rain is forecasted for later in the week, but it’s not expected to be a large system or create any major issues. Gains were also kept in check by last week’s disappointing export shipments pace, which came in at the bottom of expectations and at a marketing year low. As of Oct 24, Brazil was reporting first crop corn planting progress at 62% complete vs 54% last week and 63% average.
Corn opened Tuesday’s session lower but managed to shake off the early selling pressure and turn to post gains by the end of the night. Support continues to come from good comments and excitement over the potential trade deal with China. Corn is flirting with resistance and highs not seen since early July, which resulted in a late session selloff. Additional pressure was due to reports that OPEC plus is looking at increasing production by 137,000 barrels per day starting Nov 1. Estimates have corn harvest at 72% completed vs 79% last year and vs 71% average. Dr Cordonnier left his US corn yield unchanged at 181.0. Corn managed to recover and end higher, but well off session highs.
In Wednesday’s session corn opened lower but spent most of the night trading around steady. Selling took charge early in the day session with most of the activity focused on profit taking and the evening up of positions ahead of the Xi Trump meeting. Light selling was tied to technical pressure as Dec corn is right up against the 50% retracement from their Feb high to recent low and could not cross over. Corn has also closed higher in 9 of the last 11 sessions, now it’s 10 of the last 12 sessions. And the trading volume in corn has been at its highest level since Aug 12. Late session support came from the news that the border with Mexico will remains closed, which should continue to result in strong corn export demand as Mexico will need to continue to import corn to feed cattle.
Last week’s ethanol production was neutral corn as production came in lower than expected at 1.091 million barrels, which is down 21,000 barrels from the previous week. Stocks were estimated at 22.37 million, up 448,000 barrels from the previous week. Gas demand rebounded.
On Thursday corn opened steady but slipped to trade with losses for most of the overnight. Early selling was tied to buy the rumor sell the fact trading as traders take money off the table due to the event of the trade meeting being done. Profit taking was also evident as traders turned to be sellers once the China trade deal was a done deal. Technical selling was also evident as traders started to liquidate long positions when corn failed to trade above its $4.36 resistance, which is the 50% retracement from the recent low to the Feb high. Corn was also in a tug of war between the lower wheat complex (which was pulling corn lower) and higher soybean complex (which corn was trying to follow).
Dec corn support is $4.10.
Last week’s corn export shipments pace was estimated at 46.8 MB. After 8 weeks, corn shipments were at 14% of USDA’s expectations vs. 9% last year. With 44 weeks left in corn’s export marketing year, shipments need to average 58.2 MB to make USDA’s projection of 2.975 BB.
For the week, Dec corn was at $4.315 up 8.25 cents. Mar corn was at $4.44 up 7.0 cents.
For the month, Dec corn was up 16.0 cents. Mar corn was up 12.0 cents.
Corn Weekly Comments October 31
Corn Weekly Comments October 31
To start the week corn opened the session higher and extended session gains throughout the night and day session. Early support spilled over from news that the meeting ahead of Thursday’s Xi Trump meeting went very well. Bessent reported that the talks went well and that China has agreed to resume buying substantial soybeans from the US. This has traders hoping the buying will spread to other crops as well. Gains were kept in check by another clear weekend which should help harvest progress advance. Rain is forecasted for later in the week, but it’s not expected to be a large system or create any major issues. Gains were also kept in check by last week’s disappointing export shipments pace, which came in at the bottom of expectations and at a marketing year low. As of Oct 24, Brazil was reporting first crop corn planting progress at 62% complete vs 54% last week and 63% average.
Corn opened Tuesday’s session lower but managed to shake off the early selling pressure and turn to post gains by the end of the night. Support continues to come from good comments and excitement over the potential trade deal with China. Corn is flirting with resistance and highs not seen since early July, which resulted in a late session selloff. Additional pressure was due to reports that OPEC plus is looking at increasing production by 137,000 barrels per day starting Nov 1. Estimates have corn harvest at 72% completed vs 79% last year and vs 71% average. Dr Cordonnier left his US corn yield unchanged at 181.0. Corn managed to recover and end higher, but well off session highs.
In Wednesday’s session corn opened lower but spent most of the night trading around steady. Selling took charge early in the day session with most of the activity focused on profit taking and the evening up of positions ahead of the Xi Trump meeting. Light selling was tied to technical pressure as Dec corn is right up against the 50% retracement from their Feb high to recent low and could not cross over. Corn has also closed higher in 9 of the last 11 sessions, now it’s 10 of the last 12 sessions. And the trading volume in corn has been at its highest level since Aug 12. Late session support came from the news that the border with Mexico will remains closed, which should continue to result in strong corn export demand as Mexico will need to continue to import corn to feed cattle.
Last week’s ethanol production was neutral corn as production came in lower than expected at 1.091 million barrels, which is down 21,000 barrels from the previous week. Stocks were estimated at 22.37 million, up 448,000 barrels from the previous week. Gas demand rebounded.
On Thursday corn opened steady but slipped to trade with losses for most of the overnight. Early selling was tied to buy the rumor sell the fact trading as traders take money off the table due to the event of the trade meeting being done. Profit taking was also evident as traders turned to be sellers once the China trade deal was a done deal. Technical selling was also evident as traders started to liquidate long positions when corn failed to trade above its $4.36 resistance, which is the 50% retracement from the recent low to the Feb high. Corn was also in a tug of war between the lower wheat complex (which was pulling corn lower) and higher soybean complex (which corn was trying to follow).
Dec corn support is $4.10.
Last week’s corn export shipments pace was estimated at 46.8 MB. After 8 weeks, corn shipments were at 14% of USDA’s expectations vs. 9% last year. With 44 weeks left in corn’s export marketing year, shipments need to average 58.2 MB to make USDA’s projection of 2.975 BB.
For the week, Dec corn was at $4.315 up 8.25 cents. Mar corn was at $4.44 up 7.0 cents.
For the month, Dec corn was up 16.0 cents. Mar corn was up 12.0 cents.