Dec Corn closed ½ cent lower ($3.69 ¼), March ½ cent lower ($3.78 ¾) & July ½ cent lower ($3.88 ¼)
October Chgo Ethanol closed unchanged ($1.325), Nov $0.005 cents lower ($1.305)
USDA announces Corn Export Sales – 140 K T. sold to China; 320 K T. sold to Unknown
In addition to the announced US corn sales it is thought S. Korea bought as much as 400 K T. of corn out of S. America. Despite this big spate of “World” business US corn futures were unable to sustain the opening bulge that started the day session. A good portion of the Monday night session was spent in negative territory as the trade responded to the stabilizing US corn conditions. Harvest weather remains clear sailing for the next week or so as harvest is just in its beginning stages. The USDA reported as of Sunday the 20th that 59% of the US corn crop is mature and only 8% has been harvested.
Corn charts appear to have entered a correction phase especially since the market failed to sustain its response to today’s big business. First level of minor support for Dec corn is $3.65 with better looking support at $3.60 to $3.55. $3.75 shows up as resistance for the time being.
Daily Support & Resistance – 9/23
Dec Corn: $3.65 ($3.60) – $3.75
March Corn: $3.75 ($3.70) – $3.84
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.