Dec Corn closed 3 ¼ cents higher ($4.26 ½), March 5 cents higher ($4.33 ¼) & July 5 ½ cents higher ($4.36 /4)
Dec Chgo Ethanol closed $0.020 cents a gallon higher ($1.410), Jan $0.010 higher ($1.360)
USDA announces Corn Export Sales – 334.0 K T. sold to unknown
Weekly Corn Export Inspections – 832.6 K T. vs. 700 K – 1.100 M T. expected
Ongoing dryness in SA sets the day’s high in the Sunday night session at 7 ½ cents higher. More USDA announced corn sales keeps the market firm during the day session. I will note the day session did not give the night session highs much of a challenge as the majority of the day session traded between 3 ¼ to 4 ¾ cents higher.
Interior cash corn markets (basis) read steady to a touch higher vs. where we were on Friday. The Gulf basis for corn is deemed to mostly steady with where we were mid last week. Nearby spreads ran softer on the day as it looks like pre-first notice day positioning has the Dec involved spreads under pressure. May ’21 was the strongest of the corn contracts. Old crop continues to gain on the new crop.
March, May and July corn contracts double top against their November 11th highs. Personally I thought the nighttime highs would have been taken out during the day session. With that said makes me a bit suspect as to follow through strength as we move through the holiday (Thanksgiving Day) shortened week.
Daily Support & Resistance – 11/24
March Corn: $4.28 – $4.36 (?)
July Corn: $4.31 – $4.39 (?)
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