Corn Fundamentals (
ZCZ2023)
Corn Harvest Progress 🚜➡️🌽
▓▓▓▓▓▓▓▓▓░░░░░░ 59%
Export Inspections 🚢➡️🌎
437,549 Metric Tons
⬇️ 29,055 Metric Tons week vs. last week
⬇️ 22,514 Metric Tons this week vs. this week last year
⬇️ 370,24 Metric Tons this week vs. 5-year average
Export Sales
16,176,285 Metric Tons (Cumulative, Current Marketing Year)
⬆️ 2,753,396 Metric Tons this week vs. this week last year
Noteworthy News / Themes
🟢 Argentina is behind pace on Corn planting (12% complete)
🟢 US River levels have improved on the Mississippi river (barge freight down)
🟢 Mexico purchased 117,200 metric tons in a flash sales news announcement
🔴 The US still has a +2 billion bushel carryout
🔴 Corn failed to stay above $5.00 futures
🟢 Dry forecast in Argentina
🔴 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 now👇
🟢 Current Upside Target: 5.00
🔴 Current Downside Targets: 4.74, 4.675
ZCZ2023)Corn Harvest Progress 🚜➡️🌽
▓▓▓▓▓▓▓▓▓░░░░░░ 59%
Export Inspections 🚢➡️🌎
437,549 Metric Tons
⬇️ 29,055 Metric Tons week vs. last week
⬇️ 22,514 Metric Tons this week vs. this week last year
⬇️ 370,24 Metric Tons this week vs. 5-year average
Export Sales
16,176,285 Metric Tons (Cumulative, Current Marketing Year)
⬆️ 2,753,396 Metric Tons this week vs. this week last year
Noteworthy News / Themes
🟢 Argentina is behind pace on Corn planting (12% complete)
🟢 US River levels have improved on the Mississippi river (barge freight down)
🟢 Mexico purchased 117,200 metric tons in a flash sales news announcement
🔴 The US still has a +2 billion bushel carryout
🔴 Corn failed to stay above $5.00 futures
🟢 Dry forecast in Argentina
🔴 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 now👇
🟢 Current Upside Target: 5.00
🔴 Current Downside Targets: 4.74, 4.675
Trade closed: target reached
4.74 Target reached ✅
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.