December Corn closed 5 ½ cents lower ($5.21 ¾), March 4 ½ cents lower ($5.29 ¾) & May 3 ¾ cents lower ($5.34 ½)
Weekly Corn Export Inspections – 403.1 K T. vs. 150-450 K T. expected
Weekly Corn Crop Condition & Progress – 59% GE (+1%) vs. 58% expected vs. 61% year ago – Mature – 57% vs. 47% 5-year ave – Harvested – 10% vs. 10% expected vs. 9% 5-year ave
Psychological harvest pressure, lower energy prices, and a stronger US dollar were all responsible for today’s lower prices. Decent weekly corn export inspections (based on expectations) and word that Illinois corn may not be as good as originally thought were able to get prices off of the early morning lows but not enough to get prices to the plus side for the day.
Interior basis levels continue to be under pressure mostly from harvest ideas. The other side of that is an improving Gulf basis. Nearby spreads softened noticeably after trying to firm last week.
As we move forward through harvest I would like to think Dec corn will become a $5.00 to $5.40 trading range affair. Early harvest results are disappointing in some areas while as expected in others. I’m not hearing of any better than expected so far.
Daily Support & Resistance – 09/21
Dec Corn: $5.15 – $5.29
March Corn: $5.23 – $5.38
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