Fundamentals: Yesterday morning, the USDA announced a flash sale of 458,600 metric tons to Mexico for the 2021/2022 marketing year (equivalent to 18,054,285 bushels). Yesterday’s weekly export inspections report came in at 724,784 metric tons, within the range of estimates. Crop Progress was out after the close, which showed Good/Excellent ratings at 60%, a 2% drop from the previous week. The average estimate was for a 1% decline. As mentioned last week, it’s that time of year where crop conditions become less and less meaningful each week.
Technicals: December corn futures were mixed yesterday, as the market caught its breath from the sharp selloff from Thursday and Friday. Technical support was tested and held, keeping that pocket intact for today’s session, 527 ½-532 ¼. A break and close below this pocket and we could see a repeat of Thursday/Friday. Futures are in the green in the early morning trade, but it’s nothing to write home about. The Bulls need to regain ground above our pivot pocket to neutralize the recent bearish price action, our pivot pocket comes in from 548-553. This pocket represents previously important price points, along with the 100-day moving average...........Click this link to read the FULL report and receive our daily commentary