Corn started Monday’s session steady but never really looked back, pushing higher throughout the session. Early support came from reports that the weekend meeting between Bessent and his counterpart from China went well. Light support was also due to last week’s strong export inspections estimate. Harvest concerns added support as rain has slowed down harvest activity in the central Corn Belt. As of Sept 17, Argentina was estimating corn planting progress at 7% vs 3% last week and vs 5% average. As of Sept 18, Brazil was estimating their first crop corn planting progress at 27% complete vs 19% last week and vs 25% average.
In Tuesday’s session corn opened steady but slipped to trade lower throughout the night and day. Pressure spilled over from the lower wheat complex and lower soybean complex. Selling was also due to thoughts that with the UN meeting in New York that diplomacy has a chance at maybe deescalating the tensions in both wars. That idea faded with Trump’s remarks about military action instead of talks. Reports that Russia is looking at alternative locations to export grain added pressure. Rumors have Russia retro fitting fertilizer facilities to handle grain. Rumors that Saudi Arabia is looking to restart their east west pipeline pressured crude oil, which in turn pressured corn. News was limited, which added to the selling pressure.
Corn opened lower in Wednesday’s session and extended session losses throughout the night and into the day session, following the trend set by wheat. Early losses were trimmed by a flash export sale of 100 TMT of corn to Mexico. But talk of a possible end to the war with Iran and ceasefire between Ukraine and Russia weighed on the grains. EU/IK corn production is now estimated at 48.6 MMT vs 52.7 MMT previously. BAGE is estimating Argentina corn production at 66 MMT vs 64 MMT last year. Losses were trimmed slightly late in the session due to harvest delays and expectations on a good outcome with the China summit.
On Thursday corn opened lower but traded with small gains by the end of the night session. Early support spilled over from a higher crude oil market, which was higher on the news that Russia is not interested in an energy ceasefire. Corn turned lower at the start of the day session with selling tied to disappointing news that the US and China only extended their trade truce to January. The lack of news from the China summit added pressure. Early selling was also tied to last week’s disappointing export sales pace.
Dec corn support is at $5.07.
For the week, Dec corn was at $5.2825 up 0.75 cent. Mar corn was at $5.42 up 0.5 cent.
Corn Weekly Comments September 25
Corn Weekly Comments September 25
Corn started Monday’s session steady but never really looked back, pushing higher throughout the session. Early support came from reports that the weekend meeting between Bessent and his counterpart from China went well. Light support was also due to last week’s strong export inspections estimate. Harvest concerns added support as rain has slowed down harvest activity in the central Corn Belt. As of Sept 17, Argentina was estimating corn planting progress at 7% vs 3% last week and vs 5% average. As of Sept 18, Brazil was estimating their first crop corn planting progress at 27% complete vs 19% last week and vs 25% average.
In Tuesday’s session corn opened steady but slipped to trade lower throughout the night and day. Pressure spilled over from the lower wheat complex and lower soybean complex. Selling was also due to thoughts that with the UN meeting in New York that diplomacy has a chance at maybe deescalating the tensions in both wars. That idea faded with Trump’s remarks about military action instead of talks. Reports that Russia is looking at alternative locations to export grain added pressure. Rumors have Russia retro fitting fertilizer facilities to handle grain. Rumors that Saudi Arabia is looking to restart their east west pipeline pressured crude oil, which in turn pressured corn. News was limited, which added to the selling pressure.
Corn opened lower in Wednesday’s session and extended session losses throughout the night and into the day session, following the trend set by wheat. Early losses were trimmed by a flash export sale of 100 TMT of corn to Mexico. But talk of a possible end to the war with Iran and ceasefire between Ukraine and Russia weighed on the grains. EU/IK corn production is now estimated at 48.6 MMT vs 52.7 MMT previously. BAGE is estimating Argentina corn production at 66 MMT vs 64 MMT last year. Losses were trimmed slightly late in the session due to harvest delays and expectations on a good outcome with the China summit.
On Thursday corn opened lower but traded with small gains by the end of the night session. Early support spilled over from a higher crude oil market, which was higher on the news that Russia is not interested in an energy ceasefire. Corn turned lower at the start of the day session with selling tied to disappointing news that the US and China only extended their trade truce to January. The lack of news from the China summit added pressure. Early selling was also tied to last week’s disappointing export sales pace.
Dec corn support is at $5.07.
For the week, Dec corn was at $5.2825 up 0.75 cent. Mar corn was at $5.42 up 0.5 cent.