Sept Corn closed 5 ¼ cents lower ($3.52), Dec 5 ¼ cents lower ($3.66) & March 5 ¼ cents lower ($3.77 ¼)
August Chgo Ethanol closed 0.008 cents a gallon lower ($1.423), Sept 0.010 cents lower ($1.419)
Flat price corn trades lower during the night session as well as during the day session. There were attempts to rally midday as wheat prices firmed in response to a higher Europe. Later on in the session corn prices tried to rally again this time in response to higher soybean prices as they reacted to anticipated USDA statements around aid packages for producers that have been impacted by the ongoing trade disputes. The bottom line is that corn prices had a hard time sustaining these intra-day attempts to rally.
Interior cash corn prices ran mixed on the day. Selected river locations saw slightly bids. Processor bids ran steady to easier. The Gulf improves Monday night. Corn spreads ran flat on the day all the way out to July 2019. After that bear spreads were working against the 2019-20 crop year. Nearby spreads remain wide with the anticipation of old crop moving ahead of this year’s harvest. Harvest will come relatively early this year based on the advanced maturity rates.
By day’s end it was a poor looking performance for corn prices. As it looks now Dec corn will retrace back down to the $3.60-$3.58 level. Back on July 16th to the 17th there was an inter-day gap at $3.56 to $3.57 ¾. Today’s attempt to rally followed by its dismal looking close measures to $3.60.
Daily Support & Resistance for 07/25
Sept Corn: $3.46 – $3.57
Dec Corn: $3.60 – $3.71
The risk of trading futures and options can be substantial. Each investor must consider whether this is a suitable investment. Past performance is not indicative of future results.