Exports: None visible.
Comments: Part of the reason corn is reluctant to rally too far and can fall rather easily seems this: weather is not EXTREMELY detrimental and where it is a problem crop losses are random and not wide spread. My take anyway. But nonetheless weather still an underlying supportive feature. I have reported on many bull puffs of smoke on past bull markets but for a change of pace, can you imagine a major commission house analyst putting this out?….Univ. of Mo. Agronomist says corn prices could be around $5.00/bu. vs. $7.00 year ago but sees an average price of $4.75 most of the “next decade” and IF another big crop comes in, could be $3.00. I, of course, like that type of blasphemy; near term I projected Dec. holding $5.00-4.75 but if corn goes OK and beans end up OK we’ll be closer to $4.50-4.25. Open interest fell 1,155 led by U/Z off 4,000 amid light-side volume.
Exports: Sold China 165,00t new crop.
Comments: Big cash movement squashed basis yesterday; weather “uncomfortable”, some stress humans and perhaps plants but August the more important month; China futures higher on CBOT rally; China’s economic growth could cool appreciably says the IMF (down to 4%); open interest rose 3,159 even as August drops 2573 (curiously, F/H rises 4,000 combined, Nov. very little….would more indicate a South American play than a weather market one here) amid light-side volume. Yesterday mentioned buying November puts up here as safer substitute for short futures for now in a weather market and its attendant volatility and another old crop squeeze in the works.
Exports: So.Korea buys 40,000t Aust., 60,000t Black Sea and 42,000t U.S.
Comments: Asia continues on its booking spree at these ‘lower’ prices (food and vs. U.S. corn price feed), sees Australian supplies lowering until mid-November, and the U.S. crop damage. Open interest fell 1900 led by Sept. off 1635 amid light volume. No opinion change.