Dec Corn closed ¼ cent lower ($3.87 ¾), March ¼ cent lower ($3.99 ¾) & July 1 cent lower ($4.12)
November Chgo Ethanol closed $0.010 cents a gallon higher ($1.431) & Dec $0.017 cents higher ($1.420)
Weekly Ethanol Grind – 996 K bpd vs. 971 K last week – Stocks – 21.4 million bbls vs. 22.1 million last week
Weekly Corn Export Sales – old crop vs. 400-700 K T. expected – new crop vs. 50-150 K T. expected
It was a consolidating type trade in the corn market on Wednesday. Suggested interim support was tested relatively early in the day session and prices managed to bounce back to unchanged. I can’t think volume was any great shakes. The trade remains torn between the idea of a lower crop size next month from the USDA versus the ongoing lack of demand. With that said I can’t imagine the corn market going anywhere of substance anytime soon.
Where clear skies allow for harvesting basis levels are showing a minor defensive posture. I say minor because very little corn is getting sold. Areas where the producer is focusing on his soybean harvest basis levels have a bit of a firm tone. The gulf stays firm on the overall limited movement. Corn spreads saw only fractional changes on the day; slightly firmer within the current crop year and slightly easier vs. the 2020/21 crop year.
Spinning wheels go round and round. The flat price corn trade is developing into a trading range market. Call Dec corn a range between the mid-high $3.70’s on the down side and the mid-high $3.90’s on the upside. I’m not sure what’s there that can take the corn out of this suspected range over the near term.
Daily Support & Resistance for 10/24
Dec Corn: $3.84 – $3.94
March Corn: $3.96 – $4.06
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