Corn Commentary

storck

Corn – Just My Opinion

May Corn closed 2 cents higher ($5.53 ¼), July 3 cents higher ($5.37 ¼) & Dec ¾ cent lower ($4.69)

Weekly Ethanol Grind – 922 K bpd vs. 971 bpd week ago – Stocks – 21.8 M bbls vs. 21.3 M week ago

Weekly Corn Export Sales – old crop vs. 3.800-4.700 M T. expected – new crop vs. 0-500 K T. expected

Apples (old crop corn) vs. Oranges (new crop corn). Old crop corn sees a two-sided trade finishing modestly better. New crop corn spent the day at modestly easier levels. As far as new direct corn news is concerned I’m not seeing a lot. The weekly ethanol grind was disappointing. It seems like the exporter is a more aggressive with his basis and that leaves the processor coming up short. The rebound in energy prices helped old crop corn as it offsets the continued strength in the US Dollar. It seems the trade is setting itself up for a potentially bullish Quarterly Stocks report vs. a potentially bearish corn acreage report. I’m also seeing buying new crop soybeans vs. selling new crop corn. May corn loses to the July while July extends itself vs. the new crop. Export sales should be huge but most of it will be old news since it was announced through the daily reporting system last week. I’m not sure if Friday’s 800 K T. announcement will make it into the report. The trade will be looking for additional sales outside of China.

Daily Support & Resistance – 03/25

May Corn : $5.46 – $5.60 (?)

Dec Corn: $4.64 – $4.75

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