Sept Corn closed 4 ¾ cents higher ($3.31 ¾), Dec 4 ½ cents higher ($3.45) & March 4 cents higher ($3.57)
Sept Chgo Ethanol closed unchanged ($1.280), Oct unchanged ($1.270)
Weekly Corn Export Inspections – 892.0 K T. vs. 850 K – 1.150 M T. expected
Weekly Corn Ratings – 64% GE (-5%) vs. 67% expected vs. 57% year ago – Dented – 44% vs. 39% 5-year average – Mature – 5% vs. 5% 5-year average
Flat price corn moves higher to challenge last week’s highs. ProFarmer suggests the national corn yield will be 177.5 bpa vs. the USDA at 181.8. Ongoing dryness concerns coupled with the suspected damage in Iowa has the trade anticipating crop conditions declining by 2% pts. The EU is edging its corn crop lower due to its recent hot & dry. Weekly export inspections were a bit disappointing based on expectations. With one week to go in the current marketing period weekly corn inspections are running 4.3 M T. shy of the USDA export projections.
The interior Midwestern cash corn markets (basis) runs mixed on the day while the Gulf is firm. I’m wondering if the gulf is pushing for corn due to the forecasted storms over the near term and their impacts on corn loading. Corn spreads had a tightening bias out to the 2021/22 marketing year. Don’t forget about 1st Notice Day vs. the Sept contract this coming Friday.
The December corn chart now appears to be in line to challenge the $3.50 level. This is contingent on a continued noticeable decline in crop conditions as well as continued Chinese interest. Be aware that as the corn plant goes into its final stages of life its outward look will deteriorate. Closes below the $3.40 level will spark some disappointment type selling and closes below $3.35 will suggest the current rally is over.
Daily Support & Resistance – 8/25
Sept Corn: $3.26 – $3.36
Dec Corn: $3.39 – $3.49
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