🌽 Corn Technical Analysis (GrainStats)

Mis Ă  jour
Corn Fundamentals (ZCZ2023)

Corn Harvest Progress 🚜➡️🌽

â–“â–“â–“â–“â–“â–“â–“â–“â–“â–‘â–‘â–‘â–‘â–‘â–‘ 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
đź”´ The US still has a +2 billion bushel carryout
đź”´ Corn failed to stay above $5.00 futures
🟢 Dry forecast in Argentina
đź”´ 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
đź”´ Current Downside Targets: 4.74, 4.675
Trade fermée: cible de profit atteinte
4.74 Target reached âś…
CORNSupply and DemandSupport and ResistanceCorn

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