Corn Fundamentals (
ZCZ2023
)
Corn Harvest Progress πβ‘οΈπ½
βββββββββββββββ 59%
Export Inspections π’β‘οΈπ
437,549 Metric Tons
β¬οΈ 29,055 Metric Tons week vs. last week
β¬οΈ 22,514 Metric Tons this week vs. this week last year
β¬οΈ 370,24 Metric Tons this week vs. 5-year average
Export Sales
16,176,285 Metric Tons (Cumulative, Current Marketing Year)
β¬οΈ 2,753,396 Metric Tons this week vs. this week last year
Noteworthy News / Themes
π’ Argentina is behind pace on Corn planting (12% complete)
π’ US River levels have improved on the Mississippi river (barge freight down)
π’ Mexico purchased 117,200 metric tons in a flash sales news announcement
π΄ The US still has a +2 billion bushel carryout
π΄ Corn failed to stay above $5.00 futures
π’ Dry forecast in Argentina
π΄ Wet forecast in Brazil
Corn Technicals
Corn couldn't settle above $5.00 for too long given the ample expected carryout being priced into the market in the middle of harvest. Consider the sales that were sold above $5.00 as a gift to the farmers and we hope farmers prices some bushels.
Outside of this, there really isn't much to say anymore about this market except that after 3 years of a bull market, we're finally getting back to reality and reality in the grain market is quiet.
Watch the following levels for nowπ
π’ Current Upside Target: 5.00
π΄ Current Downside Targets: 4.74, 4.675
Corn Harvest Progress πβ‘οΈπ½
βββββββββββββββ 59%
Export Inspections π’β‘οΈπ
437,549 Metric Tons
β¬οΈ 29,055 Metric Tons week vs. last week
β¬οΈ 22,514 Metric Tons this week vs. this week last year
β¬οΈ 370,24 Metric Tons this week vs. 5-year average
Export Sales
16,176,285 Metric Tons (Cumulative, Current Marketing Year)
β¬οΈ 2,753,396 Metric Tons this week vs. this week last year
Noteworthy News / Themes
π’ Argentina is behind pace on Corn planting (12% complete)
π’ US River levels have improved on the Mississippi river (barge freight down)
π’ Mexico purchased 117,200 metric tons in a flash sales news announcement
π΄ The US still has a +2 billion bushel carryout
π΄ Corn failed to stay above $5.00 futures
π’ Dry forecast in Argentina
π΄ Wet forecast in Brazil
Corn Technicals
Corn couldn't settle above $5.00 for too long given the ample expected carryout being priced into the market in the middle of harvest. Consider the sales that were sold above $5.00 as a gift to the farmers and we hope farmers prices some bushels.
Outside of this, there really isn't much to say anymore about this market except that after 3 years of a bull market, we're finally getting back to reality and reality in the grain market is quiet.
Watch the following levels for nowπ
π’ Current Upside Target: 5.00
π΄ Current Downside Targets: 4.74, 4.675
Trade closed: target reached:
4.74 Target reached β