Corn Commentary
May corn closes 1 cent higher ($3.76), July 1 ¼ cents higher ($3.84 ¼) and Dec 1 ¼ cents higher ($3.98)
April Chgo Ethanol closes 0.010 cents a gallon higher (1.481), May 0.009 cents higher ($1.498)
Delayed – Weekly Corn Export Sales – old crop vs. 1.400-2.100 M T. expected – new crop vs. 100-300 K T. expected
Informa suggests 2018 US Corn planted acres at 88.9 million
Buenos Aires Grain Exchange says Argentine corn crop is 32.0 M T. vs. previous estimate of 34.0 M T. vs. USDA at 36.0 M T.
Flat price corn continues to consolidate at suspected support levels. News of note was Informa’s idea that new crop acres would come in at 88.9 million vs. the most recent USDA figure of 90.0 million. BAGE updated their ideas on the Argentine corn crop; down another 2.0 M T. If the USDA ever gets in line with the Brazilian corn production estimate from CONAB, 87.28 M T. the next World ending stocks update could feature a drop of nearly 10.0 M T. In turn that should put some extra added importance towards the coming growing season. Weekly export sales were delayed due to weather in D.C. The trade is still expecting a decent number in morning.
Elevator and processor corn bids continue to stand in. River bids for corn continue to soften. The Gulf appears stable at recent low levels. Bull spreads in corn saw a fractional loss within the crop year. Old crop/new crop spreads ran steady to fractionally easier.
Flat price corn continues to honor suspected support levels. This in turn prompted some minor net buying on the day. Tomorrow the trade should take its cue from weekly export sales and whatever conversation that comes up in regards to next Thursday’s Stocks and Plantings report.
Daily Support & Resistance for 03/23
May Corn: $3.73 – $3.79
July Corn: $3.81 – $3.88
Dec Corn: $3.95 – $4.01
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