Corn Commentary


Corn – Just My Opinion

Sept Corn closed 6 ½ cents higher ($5.44 ½), Dec 9 ¾ cents higher ($5.45 ¼) & March 9 cents lower ($5.52 ¼)

USDA announces Corn Export Sales – 125.3 K T. sold to Mexico – brings 2-day total to 583.3 K T.

Flat price corn sees a nice rebound out of its recent hole aided by slightly lower than expected crop conditions, a continued rebound in energy prices and a stout rally in soybeans/soybean meal.

I don’t think this rally has any major substance to it. It seems like it is more of a reaction to the recent sell-off. As much as I believe we have the potential for a higher yield vs. what the USDA stated we have high variability out there. That variability will keep most on edge meaning hard breaks will have tough time following through just like hard rallies will have a tough time following through. My thought for the near term is Dec corn become a bit of a trading affair as we wait for better indications of crop size as well as demand. The recent Mexican business is nice to see but it has been some time since we seen/heard from China.

Daily Support & Resistance – 08/25

Dec Corn: $5.38 – $5.54

March Corn: $5.45 – $5.61

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