Sept Corn closed 11 ¾ cents higher ($5.58 ¾), Dec 14 cents higher ($5.59 ¼) & March 14 cents higher ($5.67 ¼)
Weekly Corn Export Inspections – 1.383 M T. vs. 900 k – 1.200 M T. expected
Corn Crop Condition & Progress – 62% GE (-2%) vs. 63% expected vs. 72% year ago – Silking – 91% vs. 86% 5-year average – Dough Stage – 38% vs. 33% 5-year average
After a two-sided trade Sunday night corn prices firmed during Monday’s day session. Strong wheat prices, continued downgrades to the Brazilian 2nd season corn crop, strong weekly export inspections and expected waning crop conditions all worked together for today’s rally.
Despite today’s somewhat impressive performance (outside day eclipsing the previous three days) I’m with the frame of mind we are no better/no worse than a trading range affair ahead of the USDA August 12th production/Supply-Demand update. I think $5.75 is our topside between now and then while $5.30 should work as our downside support.
Daily Support & Resistance – 08/03
Sept Corn: $5.50 – $5.66
Dec Corn: $5.50 – $5.66
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.