Sept Corn closed 2 ¼ cents lower ($3.59 ¾), Dec 2 ¼ cents lower ($3.74 ¼) & March 2 ¼ cents lower ($3.86 ¼)
Sept Chgo Ethanol closed 0.006 cents a gallon lower ($1.349), Oct 0.006 cents lower ($1.352)
2nd day early assessment from ProFarmer Crop Tour – Nebraska corn yield variable but above average – corn crop in west-central Indiana mature, above average
So much for the lower than expected corn crop rating from the USDA. Corn prices came in higher Monday evening and spent the rest of that session grinding lower. The day session gave us one attempt at rallying after its lower opening that lasted for about 30 minutes. So far tour results are finding better than average yields; nothing to challenge the USDA August yield data. Another round of sharply lower wheat prices along with lower soy prices lent to the overall bearish sentiment.
Interior river bids continue to recover from the fiasco that was created from the Alton, IL, jam-up but still nothing to write home about. Processors still show the best bids but they too are nothing to write home about. The Gulf has gone quiet at recently low levels. Corn spreads ran unchanged out to May ’19. Overall corn spreads remain wide in anticipation of old crop movement and harvest right around the corner.
Last week’s rally effort to negate the bearishly construed August crop report appears to be rolling over. Trend line support stemming from the July 12th low hooking up with the August 13th low comes in tomorrow just above the $3.70 level. I can’t imagine anyone trying to be bullish wanting to see a close below the $3.70 level.
Daily Support & Resistance for 08/22
Sept Corn: $3.55 ½ – $3.63 ½
Dec Corn: $3.70 – $3.78
Trading Futures is Risky – you can lose it all and then some!!!