Harvest Weather Looks to be Improving for Corn, Focus Shifts to Nov USDAPosted 11/01/2019 9:43AM CT |
For three trading sessions in a row now, the corn market has closed up, near the daily highs. As focus shifts to November 8th crop production update, the market may be supported today and into next week. Weekly exports were disappointing again, which was what caused early weakness yesterday. Export sales came in at 549,100 tonnes. Pre-report estimates were 350,000 to 750,000 tonnes. As of October 24th, cumulative sales were only 23% of the USDA forecast for 2019/2020, vs. a 5-year average of 36%. The market would need to see sales of 824,000 tonnes are needed each week to reach the USDA forecast. The recent snow and cold through the Midwest has slowed harvest, but a shift to drier weather the first 10 days of November should get things back on track.
December corn ended the month of October up 2 cents, with a 24.25 cent range. Resistance comes in at 392 and 395 with support coming in at 386 and 382.