December Corn closed 7 cents lower ($5.32 ¼), March 6 ¼ cents lower ($5.41 ½) & May 5 ¾ cents lower ($5.45 ¾)
Weekly Corn Export Sales – 1.273 M T. old crop vs. 700 K – 1.400 M T. expected – 0.5 K T. new crop vs. 0-20 K T. expected
USDA announces Corn Export Sale – 130 K T. to Mexico
Flat price corn turned tail today as the recent energy influenced rally subsided. Both crude oil and corn made new highs for their respective rallies overnight but faded into the day. Weekly export corn sales were deemed as “okay” as was the announced sale to Mexico.
Interior cash prices read mixed depending on location. Processor basis levels run steady to better while river locations run noticeably lower. The Gulf is sustaining recent easiness. Corn spreads are back in a widening mode after trying to tighten the past few days. Demand is split between great ethanol margins and a suspect export market.
Dec corn taps at $5.40 twice, once late yesterday and then again overnight followed by failure to follow through. With still a fair amount of harvesting yet to do I’m thinking we may have defined the interim topside and now we’ll take a look at the recent downside. $5.20-$5.15 reads as first support.
Daily Support & Resistance – 10/22
Dec Corn: $5.24 – $5.38
March Corn: $5.33 – $5.46
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