December Corn closed unchanged ($5.38), March unchanged ($5.46 ¾) & May ¼ cent lower ($5.50 ½)
Weekly Corn Export Inspections – 545.1 K T. vs. 750 K – 1.200 m T. expected
Weekly Corn Progress – Harvested – 66% vs. 65% expected vs. 53% ave
Flat price corn follows the intra-day ebb and flow of the wheat market. Net changes, however, were quiet different as Dec corn traded 4 cents higher to 3 cents lower while Dec wheat traded 11 cents higher to 2 ¾ cents lower. Weekly corn export inspections were disappointing vs. expectations. Weekend weather will knock out harvesting for the majority of the “I” states for the balance of this week.
Interior cash corn prices are firm from the processors while river locations still look sloppy. The Gulf midday posting suggests steady following last week’s plunge. Corn spreads ran steady to fractionally wider. The lack of harvest this week due to weekend weather should steady up locations that have been soft in the central Midwest.
As I mentioned earlier corn prices have been tending to follow wheat prices but to a much lesser extent. The lack of harvest this week should be somewhat supportive. Dec corn briefly trade above $5.40 but it did not last too long. I’m thinking that corn prices will continue to spin their wheels gathering influence from the wheat market and mixed demand from their own direct influences (ethanol vs. export).
Daily Support & Resistance – 10/26
Dec Corn: $5.33 – $5.43
March Corn: $5.42 – $5.52
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