March Corn closed 15 ¼ cents higher ($5.63 ¾), July 11 ¾ cents higher ($5.48) & Dec 6 ½ cents higher ($4.58 ¼)
Weekly Corn Export Inspections – 1.576 M T. vs. 900 K – 1.400 M T. expected
Anticipation of bullish numbers from the USDA when they update Supply-Demand tomorrow was the primary supporting issue behind to day’s trade. Weekly export inspections come in above trade expectations. Iffy weather in Argentina (looks like another round of dryness developing)) and late planting for the 2nd season corn crop in Brazil lent additional support. Cold weather across the Midwest limits grain movement supports the bull spreads. Last but not least a softening US Dollar rounds out today’s bullish factors.
Average trade guess for US corn carryout – 1.392 billion bu. vs. 1.552 month ago
Average trade guess for World corn carryout – 279.79 M T. vs. 283.83 month ago
Old crop corn vaults into new high ground. New crop corn plays second fiddle to the old crop but too gives us strong price action. Tomorrow the USDA will either confirm or deny the justification for old crop’s current price levels. Remember that from a technical point of view a conclusive weekly close over the $5.50 level (basis the nearby) will suggest a move to the $6.25 – $6.50 level.
Daily Support & Resistance – 02/09
March Corn : $5.49- ???
July Corn: $5.34 – ???
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