Market Analytics and Considerations
Key Notes
Export inspections per week
Following are the results of yesterday’s weekly export inspections:
667,010 MT of corn (26,259,016 bushels)
1,462,882 MT of soybeans (53,751,697 bushels)
85,672 MT of wheat (3,147,906 bushels)
Estimates of South American Crops
StoneX decreased its projection for Brazilian soybeans by 1.2MMT to 153.8mmt. They also decreased their estimate of the Brazilian corn crop by 1.6MMT to 128.7MMT.
Report Crush
In accordance with expectations, processors crushed 189.5 million bushels in November, according to yesterday’s crush report.
A little under the average expectation of 448.7 million bushels, the actual amount of corn used to make ethanol was 447.4 million bushels.
Corn (March) (March)
163,666 in the Managed Money Position.
(Updated every week with the CoT Report)
Playing Seasonal Trend (Last Day): During 13 of the past 15 years, March corn futures have started trending upward from November 16 to January 4.
Technical– March corn futures closed under our hinge zone from 674-676 Tuesday as a result of selling pressure. A check of our following support region, which was previously resistance, between 656 and 660, is now conceivable because of the softness that flowed over from the previous day’s weak close. Until the Bulls can break out over trendline resistance, our inclination will probably stay pessimistic.
Bearish bias
Bearish/Neutral session bias from the subsequent
685, 700, 704, 3/4 resistance
Swivel: 674-676
Support: 656–660, 647–6′′–652′′
A daily chart of March corn futures is displayed below.
Source TradingView
