July Corn closed 3 ¼ cents lower ($4.40 ¼), Sept 3 ¾ cents lower ($4.45 ¾) & Dec 3 ½ cents lower ($4.51)
July Chgo Ethanol closed $.005 cents a gallon higher ($1.580) & August $0.012 cents higher ($1.602)
Weekly Corn Export Sales – 294.9 K T. old crop vs. 150-450 K T. expected – 110.1 K T. new crop vs. 100-300 K T. expected
June 1st Quarterly Corn Stocks – average guess 5.332 billion bu. vs. 5.305 billion bu. year ago
June 1st Planted Corn Acres – average guess 86.662 million acres vs. June WASDE estimate of 89.8 million vs. March estimate of 92.792 million vs. 89.129 million last year
Tomorrow will be a big day – 1st Notice Day for July corn deliveries (not much is expected) – USDA Quarterly Stocks and Acreage (Stocks big, Acreage??) – Month End – Quarter End. We have seen some modest liquidation ahead of all this. The weather is conducive to plant development.
Producer cash selling is slight at best.
Will the USDA give the bulls the acreage numbers they want to see? I think more time is needed to get a more accurate handle on planted acres vs. prevent plant. I can see acres coming down but not to the extent the bulls want to see.
Daily Support & Resistance for 06/28
Sept Corn: $4.37 ($4.27) – $4.60 (?)
Dec Corn: $4.42 ($4.32) – $4.65 (?)
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