Dec Corn closed 1 cent higher ($3.88 ¾), March 1 cent higher ($4.00 ¾) & July 1 ¼ cents higher ($4.08 ½)
October Chgo Ethanol expires unchanged ($1.485) & Nov closes $0.001 cent a gallon higher ($1.421)
Weekly Corn Export Sales – 562.6 K T. old crop vs. 400-800 K T. expected – 2.5 K T. new crop vs. none expected
Thursday brought us a two-sided trade in the corn market. Weekly export sales were deemed nothing special. We continue to hear of some heavier frost talk for next week but it is not expected to get into the core regions of the Corn Belt. It is also expected that the administration will announce details on a new bio-fuels deal some time tomorrow. Couple all of this this with the scheduled crop report for next Wednesday and the end result is that recent rally stays alive.
Interior cash corn markets (basis) don’t do a whole lot. River basis runs a touch better while processor bids remain unchanged. If I had to identify a trend in the Gulf basis it might be called a touch better. Corn spreads within the current crop year run steady to a touch weaker while old crop gains a bit on the new crop (2020/21).
Flat price corn continues to hold on to its recent rally. Other than that I don’t have much to say. Since the Monday, Tuesday rally all we have seen is some minor backing and filling. I’m thinking this is the worst we may see between now and next Wednesday’s crop production and supply-demand update.
Daily Support & Resistance for 10/04
Dec Corn: $3.83 – $3.93
March Corn: $3.95 – $4.05
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