๐ฝ Corn Technical Analysis (GrainStats)
ืืขืืืื
Corn Fundamentals (
ZCZ2023)
Corn Harvest Progress ๐โก๏ธ๐ฝ
โโโโโโโโโโโโโโโ 59%
Export Inspections ๐ขโก๏ธ๐
437,549 Metric Tons
โฌ๏ธ 29,055 Metric Tons week vs. last week
โฌ๏ธ 22,514 Metric Tons this week vs. this week last year
โฌ๏ธ 370,24 Metric Tons this week vs. 5-year average
Export Sales
16,176,285 Metric Tons (Cumulative, Current Marketing Year)
โฌ๏ธ 2,753,396 Metric Tons this week vs. this week last year
Noteworthy News / Themes
๐ข Argentina is behind pace on Corn planting (12% complete)
๐ข US River levels have improved on the Mississippi river (barge freight down)
๐ข Mexico purchased 117,200 metric tons in a flash sales news announcement
๐ด The US still has a +2 billion bushel carryout
๐ด Corn failed to stay above $5.00 futures
๐ข Dry forecast in Argentina
๐ด 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 now๐
๐ข Current Upside Target: 5.00
๐ด Current Downside Targets: 4.74, 4.675
ZCZ2023)Corn Harvest Progress ๐โก๏ธ๐ฝ
โโโโโโโโโโโโโโโ 59%
Export Inspections ๐ขโก๏ธ๐
437,549 Metric Tons
โฌ๏ธ 29,055 Metric Tons week vs. last week
โฌ๏ธ 22,514 Metric Tons this week vs. this week last year
โฌ๏ธ 370,24 Metric Tons this week vs. 5-year average
Export Sales
16,176,285 Metric Tons (Cumulative, Current Marketing Year)
โฌ๏ธ 2,753,396 Metric Tons this week vs. this week last year
Noteworthy News / Themes
๐ข Argentina is behind pace on Corn planting (12% complete)
๐ข US River levels have improved on the Mississippi river (barge freight down)
๐ข Mexico purchased 117,200 metric tons in a flash sales news announcement
๐ด The US still has a +2 billion bushel carryout
๐ด Corn failed to stay above $5.00 futures
๐ข Dry forecast in Argentina
๐ด 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 now๐
๐ข Current Upside Target: 5.00
๐ด Current Downside Targets: 4.74, 4.675
ืขืกืงื ืกืืืจื: ืืืขื ืืืฉื
4.74 Target reached โ
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