July Corn closed ¾ cent higher ($3.31), Sept ½ cent higher ($3.35 ½) & Dec unchanged ($3.42 ¾)
July Chgo Ethanol closed $0.017 cents a gallon lower ($1.230), August $0.017 higher ($1.198)
Weekly Corn Export Sales – 357.8 K T. old crop vs. 450-850 K T. expected – 114.8 K T. new crop vs. 50-300 K T. expected
The corn trade on Thursday was not much to write home about. It was a two-sided trade with a marginally higher close. Weekly export sales were deemed disappointing for both old crop and new crop. Weather forecasts continue to suggest relief for the recently hot and dry areas of the Corn Belt. We did see some rain and cooler temps move through the north, northwestern reaches overnight. Most forecasters suggest that by the end of next week the majority of the Corn Belt will see some rain and cooler temps.
I’m not seeing any changes with the interior basis locations but all are showing a firm undertone. It seems the only time wee see any cash related selling is on price bulges and we didn’t see much of a bulge today. The Gulf has a firm tone to it on the general lack of movement but I’m not seeing any pent up export demand. Corn spreads did see a fractional bullish bias.
Corn prices continue to trade within a well-defined sideways to higher channel. Going forward focus will be on the success or failure of the near term forecasts. By late next week focus will turn to the Quarterly Corn Stocks report and the Acreage update. These two reports are scheduled for Tuesday, June 30th.
Daily Support & Resistance – 6/19
July Corn: $3.27 – $3.35 (?)
Dec Corn $3.39 – $3.46
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