Corn Holding Under 100-Day MoAv

Corn prices are weaker into the beginning of Thursday’s day session. Prices have been poking their heads above the 100-day moving average, but can’t hold the mark. After failing again overnight, prices are down 3 1/2 cents into the day session. Nearby corn futures’ prices closed with 2 1/4 to 6 cent losses on Wednesday. That came after initial rally attempts stalled and December ended the day with a 19 cent range. Preliminary OI shows net new selling interest, rising 8,343 contracts on a down day. 

Ahead of the WASDE report scheduled for Monday, estimates show analysts expect USDA to lower the corn yield by an average of 3 bpa to 172.4. The high end estimate expects a half bushel cut with the lowest published estimate looking for 170 flat. Acreage estimates range 800k lower to 300k higher for a trade average production guess of 14.089 bbu. USDA’s August output forecast was 14.359 bbu. 

Census data showed 4.583 MMT of corn was exported during July. That was down from 5.476 MMT during July 2021. South Korea’s MFG booked 135k MT of optional origin corn yesterday. Taiwan is still seeking 65k MT via tender. 

Sep 22 Corn  closed at $6.76 3/4, down 4 cents, currently down 1 3/4 cents 

Nearby Cash   was $6.79 7/8 on Wednesday, down 4 3/8 cents, 

Dec 22 Corn  closed at $6.71, down 5 cents, currently down 4 cents

Mar 23 Corn  closed at $6.75 3/4, down 6 cents, currently down 4 1/4 cents