Dec Corn closed 2 ¼ cents higher ($3.91 ¼), March 2 ½ cents higher ($3.99 ¼) & July 1 ¾ cents higher ($4.05 ½)
Nov Chgo Ethanol closed $0.015 cents a gallon higher ($1.415), Dec $0.015 higher ($1.394)
USDA announces Corn Export Sales – 110.0 K T. sold to Mexico
Weekly Corn Export Inspections – 632.1 K T. vs. 650-900 K T. expected
Weekly US Corn Crop Condition & Progress – 61% GE (-1%) vs. 62% expected vs. 55% year ago – Mature – 94% vs. 87% 5-year average – Harvested – 41% vs. 39% expected vs. 32% 5-year average
Weekly corn inspections for export were disappointing. What keeps the market alive is the thought of better demand developing out of China (Chinese corn futures register new highs) as well as dryness in Argentina for its new crop additionally in parts of Brazil. Some areas of SA have delayed planting until better moisture appears. Forecasts suggest some moisture may be on the way but nobody is talking about any great amounts especially where it is needed.
Most interior Midwestern corn basis locations are on the defensive. The talk is harvest progress but I’m not sure all that much is being sold. The Gulf basis continues to firm as the midday posting shows new highs for the season which to me signifies not that much is being sold. Spreads ran fractionally mixed all the way out to the new crop.
Corn charts are suggesting more of a bias to consolidation vs. correction as today was an inside day of yesterday when new highs for the current rally were posted. $3.85 still shows up as minor support with better looking support at the $3.80-$3.78 level. Resistance is still the 44.00 mark which was tested Sunday night ($3.99 ¾).
Daily Support & Resistance – 10/14
Dec Corn – $3.84 – $3.98
March Corn – $3.92 – $4.06
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