Corn sales were okay at 782 thousand tons, that was within the range of expectations and slightly below the level needed to reach the USDA export forecast.
Corn sales down to 603 thousand tons, that was at the lower end of the range of expectations and below the level needed for the first time in 3 weeks.
Corn sales continue to run at a pace that USDA is going to have to lower the export forecast.
This year we began with a trend lien yield of 181, that yield was reduced due to late planting to 177, and the current yield is 172.3 up slightly from last month.
Corn export sales up from last week at 372 thousand tons, but that’s still a very small number.
Overall corn exports continue to hint that USDA will be lowering its export forecast in next weeks crop report.
If lower yields don’t offset the lower exports it is possible that corn ending stocks could increase in next weeks report.
Corn exports remain disappointing at 18.5 million bushels which is below last year and well below the 45 needed to reach the USDA export forecast.
Year to date is down 21.5% versus the USDA expectation of 13%.
Corn prices have turned lower off the highs posted last week.
Today’s low at 6.74 is 32 cents below last week’s high.
When we look at the chart turning to the downside and the technical, that tells us that chart and technical based traders are probably looking for this market to push down towards the recent lows at 6.61.
Corn inspections were very disappointing at just 18 million bushels.
That’s well below last year and well below the level needed to reach the export forecast.
Corn prices pushed just slightly below trend line support this morning, but we turned around and closed higher.
This level, as we mentioned yesterday, does need to hold.
If it doesn’t hold it could open another 20-30 cents of downside risks going into harvest.
The short-term trend has turned downward, technical indicators also pointed downward.