Sept Corn closed 2 cents lower ($3.25), Dec 2 cents lower ($3.39 ¾) & March 1 ½ cents lower ($3.52 ¾)
Sept Chgo Ethanol closed $0.020 cents a gallon higher ($1.310), Oct $0.011 higher ($1.300)
Weekly Ethanol Grind – 926 K bpd vs. 918 K week ago – Stocks – 20.3 million bbls vs. 19.7 million week ago
Weekly Corn Export Sales – old crop vs 100-550 K T. expected – 400-800 K T. new crop vs. expected
Flat price continues to ease from the highs seen yesterday. The ongoing crop tour is finding solid yields so far. As of this writing the trade is waiting to hear their results from Iowa and Illinois. Hopefully their tour of Iowa will give us some better insight as to the damage that was created from the massive windstorm from a week ago Monday. Spreads continue to widen from the movement of old crop corn. Competition from Brazil appears to be increasing as they have a strong export program developing.
The mid-$3.40’s represents resistance for Dec corn following yesterday’s interim downside reversal. Today’s intra-day price action tried to flag back into that resistance but now has the appearance of rolling over. I do see some scattered support scale down, but the best looking technical support is not until we get below the $3.30 level. Weekly export sales are out in the morning and the trade is not looking for that much.
Daily Support & Resistance – 8/20
Sept Corn: $3.20 ($3.15) – $3.29
Dec Corn: $3.35 ($3.30) – $3.43
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