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Corn Exports Up 20% From Week Prior

ByTim Hannagan
Published 04/20/2016, 02:16 AM
Updated 07/09/2023, 06:31 AM
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Weekly export sales numbers for corn came in at 1.135 million metric tons up 20% from the week prior. Big U.S. corn buyer Japan was in for 396 thousand, and South Korea 240 thousand, sizable purchases from Asian buyers that account for 70% of our exportable feed grains yearly. Mexico was in for 161 thousand as the four year drought continues there. Though the number last year would have been bullish and rallied, corn held gains. We need 1.5 million metric tons or more consistently to be bullish. The monthly crop report by the USDA came in showing 1.862 billion bushels of corn as ending stocks. Estimates were 1.847. Brazil came in unchanged, Argentina and world numbers were up 1 million tons. Though export numbers are not big enough to rally the market if they consistently come in at this size we can expect the market to see further short covering. China plans to cut planting of corn by 1.65 million acres this year. Argentina is expanding ethanol usage to be 26% from 12 percent currently. Dryness in Brazil has them turning to Argentina for near term needs of corn. All of these small friendly bits of news should keep trend following funds to cover some of the 216,000 contracts they are short as of last week, looking to buy breaks in the market. Non- commercial non reportable funds are short 135,000 contracts; they too will be aggressive short covering. May corn has support at 3.52 resistances at 3.68, 3.73, 3.78, and 3.86. May wheat support lies at 4.40, then 4.30, resistance is 4.72 then 4.86. May bean support lies at 9.08 then 8.90, resistance is 9.40 then 9.84.

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