bolditalic

Corn Report, 07/20/2017

Thursday, July 20, 2017


September futures closed 5 ½ higher Wednesday with funds buying a net 11,000 contracts. The market exploded higher Tuesday night in spite of cooler – wetter extended forecast. Farmer selling was very light on this last leg up as their attitudes are becoming more bullish as they see less ideal conditions and some areas seeing drought conditions. After the close, the extended forecasts continued a slightly wetter trend, but the heat came back to some areas of the corn belt. Resistance in CU is $3.89 and then $3.94. Support is $3.80 and then $3.74. Basis is steady to firmer in the western corn belt. Farmer selling is very slow for both old crop and new crop until the market reaches new highs or we see a substantial change in the weather pattern. Despite a cheap dollar, we still have not seen a big increase in export interest. Export sales came out at 466.5 TMT for old crop and 212.1 TMT for new crop. We were expecting 150 to 350 for old and 200 to 400 for new. Call this neutral for corn. Look for selling to increase in the 4.02 to 4.05 area. Stay hedged up.


Unless otherwise noted, the posts on this blog should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by INTL FCStone Inc. or its subsidiaries. INTL FCStone Inc. is not responsible for any trading decisions taken by persons viewing this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by INTL FCStone Inc. or its subsidiaries. Reproduction without authorization is prohibited. All rights reserved.

Market Intelligence Free Trial

Meet the Team

Kansas City, MO
1251 NW Briarcliff Parkway
Suite 800
Kansas City, MO 64116
Tel:+1 (816) 410-5079

;
;