Corn opened Monday’s session with small gains but faded to trade on the defense throughout the night session. Strength returned to corn once the day session got started and corn managed to extend gains. Early selling was tied to spill over selling from Friday’s lower performance as traders tried to continue to take money off the table. A firmer crude oil market helped corn rebound and trade higher during the day. Support was also due to a weekend escalation in the wars as Russia continued to attack export facilities in Odessa while Ukraine attacked Russia oil facilities. As of Sept 11, Brazil’s second corn crop harvest pace was estimated at 98% complete vs 93% last week and 97% average. First crop corn planting was estimated at 19% complete vs 14% last week and vs 19% average. APK Inform is estimating Ukraine corn production at 32.3 MMT vs 29.8 MMT previously.
In Tuesday’s session corn opened steady but slipped to trade in the red for most of the night. Selling spilled over from Monday’s lower performance as well as from Monday afternoon’s Crop Progress which showed improving ratings and advancing harvest progress. Light selling was also tied to CONAB’s production estimate for Brazil corn, which they increased 1 MMT to 144 MMT. Late session losses were trimmed by spill over support from the higher soybean complex. A higher crude oil market added support late in the session. Gains were kept in check by harvest progress and hedge selling pressure.
Corn opened Wednesday’s session steady and continued to trade in that fashion throughout the night and start of the day. By midsession selling was general. Early support was due to reports that world corn consumption will outpace world corn production by its widest margin since 1993/1994. A lower crude oil market spilled over to limit gains in corn and by midsession corn had faded enough to cause weak longs to liquidate long positions. Hedge selling pressure added pressure. Selling was also tied to reports that CONAB is estimating Brazil’s corn production for next year at an all-time record 148 MMT, which is up 3% year over year.
Last week’s ethanol production was estimated at 1.099 million barrels, unchanged from the previous week. Stocks were estimated at 25.22 million barrels, up 33,000 barrels from the previous week. Gas demand saw a small increase.
On Thursday corn traded on both sides of unchanged overnight but spent the day session on the lower side and closed with small losses. Technical selling and a lack of fresh news pressured corn. Losses were limited by forecasts for heavy rains for parts of MN, WI, IA, and IL that could slow harvest progress. Last week’s export sales were toward the lower end of the range of trade estimates. Marketing year to date sales at 685 MB are down 27% from the same week last year.
Dec corn support is at $5.07.
For the week, Dec corn was at $5.275 down 2.75 cents. Mar corn was at $5.415 down 4.0 cents.
Corn Weekly Comments September 18
Corn Weekly Comments September 18
Corn opened Monday’s session with small gains but faded to trade on the defense throughout the night session. Strength returned to corn once the day session got started and corn managed to extend gains. Early selling was tied to spill over selling from Friday’s lower performance as traders tried to continue to take money off the table. A firmer crude oil market helped corn rebound and trade higher during the day. Support was also due to a weekend escalation in the wars as Russia continued to attack export facilities in Odessa while Ukraine attacked Russia oil facilities. As of Sept 11, Brazil’s second corn crop harvest pace was estimated at 98% complete vs 93% last week and 97% average. First crop corn planting was estimated at 19% complete vs 14% last week and vs 19% average. APK Inform is estimating Ukraine corn production at 32.3 MMT vs 29.8 MMT previously.
In Tuesday’s session corn opened steady but slipped to trade in the red for most of the night. Selling spilled over from Monday’s lower performance as well as from Monday afternoon’s Crop Progress which showed improving ratings and advancing harvest progress. Light selling was also tied to CONAB’s production estimate for Brazil corn, which they increased 1 MMT to 144 MMT. Late session losses were trimmed by spill over support from the higher soybean complex. A higher crude oil market added support late in the session. Gains were kept in check by harvest progress and hedge selling pressure.
Corn opened Wednesday’s session steady and continued to trade in that fashion throughout the night and start of the day. By midsession selling was general. Early support was due to reports that world corn consumption will outpace world corn production by its widest margin since 1993/1994. A lower crude oil market spilled over to limit gains in corn and by midsession corn had faded enough to cause weak longs to liquidate long positions. Hedge selling pressure added pressure. Selling was also tied to reports that CONAB is estimating Brazil’s corn production for next year at an all-time record 148 MMT, which is up 3% year over year.
Last week’s ethanol production was estimated at 1.099 million barrels, unchanged from the previous week. Stocks were estimated at 25.22 million barrels, up 33,000 barrels from the previous week. Gas demand saw a small increase.
On Thursday corn traded on both sides of unchanged overnight but spent the day session on the lower side and closed with small losses. Technical selling and a lack of fresh news pressured corn. Losses were limited by forecasts for heavy rains for parts of MN, WI, IA, and IL that could slow harvest progress. Last week’s export sales were toward the lower end of the range of trade estimates. Marketing year to date sales at 685 MB are down 27% from the same week last year.
Dec corn support is at $5.07.
For the week, Dec corn was at $5.275 down 2.75 cents. Mar corn was at $5.415 down 4.0 cents.