Corn Commentary

storck

Corn – Just My Opinion

March Corn closed 2 ¾ cents lower ($5.50 ¼), July 1 ¼ cents lower ($5.39) & Dec ¾ cent lower ($4.59 ¼)

USDA suggests US corn planted acres for 2021/22 at 92.0 M vs. 90.8 M year ago

Weekly Ethanol Grind week ending Feb 12th – 911 K bpd vs. 937 K week ago – Stocks – 24.3 M bbls vs. 23.8 M week ago

Weekly Corn Export Sales – old crop vs. 800 K – 1.200 M T. expected – new crop vs. 0-150 K T. expected

Flat price old crop corn continues in its recent consolidation mode just below suspected resistance levels (mid-$5.50’s March, mid-low $5.40’s July). The USDA released its newest acreage ideas at its annual outlook conference; 92 M. Tomorrow they will apply their demand ideas to acreage numbers and suggest what the 2021/22 carryout projection may look like. A recent trade poll suggested 1.665 B bu. but they were also looking at an additional 900 K acres. In addition to what the USDA may say tomorrow it’s weekly export sales day. Don’t forget about China being back from its weeklong holiday. The bottom line for tomorrow’s trade is the market will need friendly data to keep the recent attempt to rally alive. Price charts for old crop corn are starting to look a bit iffy with the recent upflagging formation. Closes below $5.36 will not be well received (March). The same can be said for July closing below $5.25. Dec corn closing below $4.48 will be viewed in the same light.

Daily Support & Resistance – 02/19

March Corn : $5.40 – $5.59

July Corn: $5.29 – $5.47

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 future results.