Dec Corn closed 5 ½ cents higher ($3.85), March 5 cents higher ($3.94 ¼) & July 4 ½ cents higher ($4.02 ¾)
November Chgo Ethanol closed $0.021 cents a gallon higher ($1.381), Dec unchanged ($1.360)
Zoom, Zoom, Zoom!!! After today’s zoom to new highs for the current rally I’m suspecting anyone/speculator that wasn’t long prior to today is long now. I’m also hearing about some quick shipment business down at the Gulf ahead of Hurricane Delta. Other than the quick shipment news I did not hear of any new news directly impacting the corn market. Yield stories continue to suggest some almost dramatic variability from good to disappointing.
If there is any change to the interior cash markets they are steady to a shade easier. The Gulf for corn at the midday posting sits about 5 cents below last week’s highs. Corn spreads showed a tightening bias but not as strong vs. earlier in the day.
Nothing bearish about new highs for the move along with new high closes. Given where we closed in respect to the day’s high (off 4 ¼ cents) I have to wonder if the highs we saw today will be the high until we see what the USDA has to say on Friday. The average trade guess for yield is 177.7 bpa (down 0.8 bpa), production 14.808 billion bu. (down 91 million bu.), harvested acres 83.321 million (down 152 K) and carryout 2.113 billion bu. (down 390 million). The World corn carryout is expected to decline 6.69 M T. to 300.10 M T.
Daily Support & Resistance – 10/07
Dec Corn: $3.78 – $3.88
March Corn: $3.89 – $3.97
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 eclipse the high side of expectations. results.