Corn futures ended steady to higher. New buying was slowed ahead of a holiday weekend and ahead of Thursday’s FAS export sales report. Export demand will be rather lackluster moving forward. Weekly demand reports will offer a reminder that the current market is all about new crop supplies. US corn export sales on Thursday are…
CBOT corn futures rallied another 5-6 cents. The advance slowed at midday as farmers dumped old crop supplies at 12-month high prices. However, a pattern of soaking rain will stay intact into the opening days of June (likely longer). Potential farm trade government payments to soybean producers were rumored at $2/Bu with corn at $.04/Bu.…
CBOT corn futures continued to add weather premium on Monday. Dec ‘19 corn futures are slightly above the already guaranteed $4.00 revenue insurance price. This price offers little/no incentive to the farmer as yield risks rise exponentially in the days ahead. The Central US forecast stays wet into June.  US corn planting progress as of…
Corn rallied 9.5 cents as the US weather forecast fails to change. The GFS model now peeks into the opening day of June. Excessive rainfall will continue to favor the N Plains, much of the Western Corn Belt and key parts of IL. Resistance is firm at July’s 100-day moving average ($3.81), but without a…
July corn rallied to meet its 100-day MA exactly before weakening into the close. CBOT corn futures ended unchanged in consolidation followed sizable fund buying/short covering this week. Note that July corn’s RSI in just three days went from 32 (oversold) to 53. However, the supply bull remains intact until/unless lasting dryness develops across the…
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