Dec Corn closed 1 ¾ cents lower ($3.87), March 2 ½ cents lower ($3.94 ¾) & July 2 ¼ cents lower ($4.03)
November Chgo Ethanol closed $0.019 cents a gallon higher ($1.395), Dec $0.019 higher ($1.374)
Weekly Corn Export Sales – 1.225 M T. old crop vs. 700 K – 1.500 M T. expected – no new crop vs. none expected
We finally see a bit of correction in the recent rally. Weekly corn export sales were solid. After new highs were seen early in the day session some profit taking ahead of tomorrow’s USDA report set in. Its not that the trade is expecting to see bearish numbers its what I call a little bit of respect for such a big report after a pretty stout rise in prices. What remained constant throughout the day was the bull spreading in the Dec/March spread and that’s due to our export program being so front end loaded.
Now we sit and wait to see what the USDA gives tomorrow at 11:00 AM central time.
Trade expectations are as follows vs. last month – yield 177.7 bpa vs. 178.5, harvested acres 83.321 million vs. 83.473, production 14.808 billion bu. vs. 14.899 & carryout 2.113 billion bu. vs. 2.503. World carryout 300.10 M T. vs. 306.79
Daily Support & Resistance – 10/09
Dec Corn: $3.78 (?) – $4.00 (?)
March Corn: $3.85 (?) – $4.07 (?)
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.