Sept Corn closed ¾ cent lower ($5.38), Dec 1 ½ cents lower ($5.35 ½) & March 1 ¼ cents lower ($5.43 ¼)
USDA announces Corn Export Sales – 458.6 K T. sold to Mexico
Weekly Corn Export Inspections – 724.7 K T. vs. 500-950 K T. expected
Corn Crop Condition & Progress – 60% GE (-2%) vs. 61% expected vs. 64% year ago – Dough Stage – 85% vs. 81% 5-year ave – Dented – 44% vs. 38% 5-year ave – Mature – 4% vs. 4% 5-year ave
Flat price corn spent the day today, Monday, digesting last week’s influences; the ProFarmer yield being higher than the USDA’s for the first time since 2014 (177.0 vs. 174.6) and what appears to be a premature statement from the EPA suggesting a lowering of the bio-fuel mandate. The session’s high was set last night while the session low was set during the day session. Once the low was set, down 7 ½ cents on the day the balance of the session was spent trading between 1 cent higher and 4 ½ cents lower.
Going forward the debate will continue over crop size and demand. With that said its my thought we can develop into another trading range affair but at slightly lower levels vs. where we were just a few weeks ago. Right now I’m thinking $5.20-$5.10 on the downside and $5.60-$5.70 on the topside.
Daily Support & Resistance – 08/24
Dec Corn: $5.30 – $5.45
March Corn: $5.38 – $5.57
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.