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 🔴 The US still has a +2 billion bushel carryout 🔴 Corn failed to stay above $5.00 futures 🟢 Dry forecast in Argentina 🔴 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 🔴 Current Downside Targets: 4.74, 4.675
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