Sept Corn closed 3 ½ cents lower ($5.64 ¾), Dec 4 ¼ cents lower ($5.68 ¾) & March 3 ¼ cents lower ($5.76 ¼)
Weekly Corn Export Inspections – 754.9 K T. vs. 600 K – 1.000 M T. expected
Corn Crop Condition & Progress – 62% GE (-2%) vs. 64% expected vs. 69% year ago – Dough Stage – 73% vs. 68% 5-year ave. – Dented – 22% vs. 22% 5-year ave.
As far as the day’s range is concerned corn saw a two-sided trade. The plus side of the equation was seen Sunday while Monday’s day session was on the negative side of the equation. Weekly export inspections were pretty much as expected. Crop conditions are expected to run steady with one week ago. I still get the impression the trade is a bit skeptical of last week’s USDA yield; thinking it is a bit too low. I’m told the FSA acreage numbers are hinting at the idea that corn planted acres may have been understated. If true this could get offset by the abandoned acres in the northwest reaches of the Corn Belt.
The technical look at the flat price trade can’t help but notice the past two days of support is at the resistance level the corn market was experiencing prior to Thursday’s USDA report. The ProFarmer crop tour starts tomorrow. We will hear of good yields in the eastern Corn Belt, so-so yields in parts of Iowa and Minnesota and poor yields out of the Dakotas. This anticipated mixed bag of results will work to keep the flat price in minor trading range for the next few days.
Daily Support & Resistance – 08/17
Dec Corn: $5.65 – $5.81
March Corn: $5.72 – $5.89
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.