Corn Fills the Gap (partially) Fundamental Snapshot
Weekly Export Sales
Corn: Net sales of 57,900 MT for 2021/2022 were down 62 percent from the previous week, but up 31 percent from the prior 4-week average. Net sales of 256,700 MT were reported for 2022/2023.
Soybeans: Net sales reductions of 11,000 MT for 2021/2022 were down 81 percent from the previous week and 90 percent from the prior 4-week average. Net sales of 410,600 MT were reported for 2022/2023.
Wheat: Net sales of 249,900 metric tons (MT) for 2022/2023 were down 39 percent from the previous week and 55 percent from the prior 4-week average.
Ukraine Production
Ukraine’s Prime Minister said on Wednesday that their harvest could be in the ballpark of 65-67 million tonnes. This would be a decline of roughly 20% from the previous year, which all things considered doesn’t sound too bad.
Ukraine Exports
There are 17 more vessels ready to leave ports in Ukraine, but there has not been a timeline established for departures. Those involved with the export deal have noted that it may take a few weeks for things to start picking up.
Technical Landscape
Corn
Technicals (September): Corn futures worked into the gap yesterday, which we used as our 4-star support pocket, 580 ¾-586 ¼. Though the gap was not all the way filled, the price action was friendly enough to move our short-term bias back into bullish territory. A break and close below that support pocket would likely move our bias back into bearish territory as it could take us back to the July 22nd low, 561 ¼. Upside objectives for the Bulls; 6.00. If the market can achieve consecutive closes back above $6.00 we could see a retest of our first resistance pocket, 624-630.
Bias: Bullish/Neutral
Previous Session Bias: Bearish/Neutral
Resistance: 624-630***, 645-652 ½***
Pivot: 600
Support: 580 ¾-586 ¼****, 561 ¼**, 542 ¼-547 ¾***
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