Sept Corn closed 4 cents lower ($5.64 ¼), Dec 2 ½ cents lower ($5.56 ¼) & March 2 ½ cents lower ($5.64)
Weekly Corn Export Sales – 138.8 K T. old crop vs. -100+400 K T. expected – 133.2 K T. new crop vs. 150-500 K T. expected
Flat price corn takes a breather from its recent 3-day rally. Forecasts for next week have not changed; the call for hot& dry is still there for the western, northwestern Corn Belt. Dryness will creep into the balance of the Corn Belt but without the extreme heat that is being called for in the west, northwest. It should be noted that this week a fair amount of corn is going through pollination in decent conditions. Weekly export sales were nothing to write home about; I’ll call them disappointing.
Flat price appears to be in a mini consolidation mode as it tries to decide whether it wants to go higher sooner vs. later. Filling the gap up towards the $5.74 – $5.80 level (Dec) is still the primary goal. Sunday will be another biggie given the current forecasts for next week and beyond. Even bigger could be the Monday afternoon crop progress report; conditions and how much corn pollinated this week. Tomorrow could easily start out as additional consolidation with some late buying.
Daily Support & Resistance – 07/16
Sept Corn: $5.55 – $5.80 (?)
Dec Corn: $5.47 – $5.70 (?)
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