December Corn closed 4 cents lower ($5.29 ½)), March 4 cents lower ($5.36 ¾) & May 3 ¾ cents lower ($5.41)
Weekly Corn Export Sales – 246.6 K T. old crop vs. 500 K – 1.000 M T. expected – 2.3 K T. new crop vs. none expected
Flat price corn takes a breather from its recent 3-day rally. Weekly export sales were disappointing as was S. Korea opting to go to S. America and/or s. Africa for corn origin. A third parcel was marked “optional origin”. We are in the very early stages of harvest but not seeing any weather issues in the near term. Interior cash premiums (basis) continue to deteriorate as does the recent firming down at the gulf. Slowly but surely the gulf at NOLA is getting back to operational. Renewed strength in the US Dollar capped the strong looking Wednesday night gains.
Most of the Midwestern Corn Belt will see clear weather for their harvest ready areas this coming weekend. The west looks clear for next week while the east may see some scattered rains the early part of next week. So far this week prices got a bit higher vs. my earlier ideas but I’m still see flat price corn in resistance. It’s my thought Friday will bring us another day of defensive looking price action just because of the harvest psychology.
Daily Support & Resistance – 09/17
Dec Corn: $5.22 – $5.35
March Corn: $5.30 – $5.43
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