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Corn futures and options quick facts:
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5,000 bushel contract size
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One cent move equals $50
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Trades March, May, July,
September, December
2/19/12 Corn futures prices traded mostly sideways
this week as a lack of new news and a rising U.S.
dollar pressured the market. It seems that there is
almost daily news about Greece and the Euro Zone and
the problems within that financial system. News that
Iran stopped selling its oil to British and French
companies may push oil and other commodity markets
higher in the coming weeks.
2/10/12 Corn futures prices traded mostly sideways
this week along with most commodities. More
uncertainty about Greece and whether it will remain
part of the European Union or not. Euro-Zone finance
ministers decided to withold aid from Greece this
week. This in turn strengthened the U.S. dollar and
pressured most commodities lower after spending most
of the week in a bullish stance.
2/3/12 Corn futures prices rallied this week as the
U.S. dollar is continuing its slide. The USD is now
down 3 full basis points over the last few weeks
which is helping to push many commodity markets
higher. Friday's strong jobs report is also helping
commodity prices strengthen. It also seems that bad
European Union headlines are having less affect on
the markets and the worst case may already be
factored into many of these markets. Drought damage
in South America is also keeping corn prices strong.
1/27/12 Corn futures prices are trading mostly
higher again this week. The bullish news was the
weakening U.S. dollar that continues its 2 week
slide of about 3 full basis points which helps push
dollar denominated commodity markets higher. The
FOMC meeting left rates unchanged and opened the
door for more quantitative easing by the Federal
Reserve Bank. European sovereign debt issues and
saber rattling from Iran seemed to have little
affect on the markets.
1/20/12 Corn futures prices traded mostly sideways
this week in spite of the recent influx of capital
from hedge funds and other large speculators into
the commodity markets and especially the soft sector
pushed many commodity markets higher. The recent
successful debt auctions from Spain and France
helped stabilize the European Union for the near
term and in turn weaken the U.S. dollar.
1/6/12 Corn futures prices traded mostly sideways to
down this week. The U.S. dollar rose to new contract
highs as concerns over European banks pushed the
Eurocurrency down to a 16 month low. New tensions
with Iran and its nuclear program has pushed
American and British aircraft carriers to enter the
Persian Gulf and the Straits of Hormuz and in turn
pushed crude oil prices to the highs. Hot dry
weather in Argentina is helping hold corn prices
steady.
12/23/11 Corn futures prices rallied this week with
many other commodity markets as the U.S. dollar sold
off from its contract highs in the thin volume
holiday trade that is typical for this week and
next. Iran tensions pushed oil higher and positive
economic reports out of the U.S. and Europe also
pushed investors back into risk assets like stocks
and commodities.
12/16/11 Corn futures prices sold off this week
along with most other commodity markets. The lack of
an additional quantitative easing announcement by
Bernanke and the Federal Reserve Bank at the FOMC
meeting surprised some market participants and
pressured the markets. More bad news out of Europe
and very positive news from the U.S. economy pushed
more assets in to the U.S. dollar as it hit another
high kept the stock markets trading down to sideways
as well.
12/9/11 Corn futures prices traded mostly down this
week again as most of the commodity and stock
markets took their directional cues from the
European headlines again. In other words, bad news
out of the European Union pressured the markets and
good news helped push markets higher. The week ended
on a positive note as the European Union summit
yielded ideas of tightening anti-deficit rules and
punishments for member countries. This heartened the
markets as it symbolized the idea that forced
accountability of member nations may curb government
spending. Also pushing corn prices down was the USDA
report showing U.S. ending stocks up 50 million
bushels from last month and global stocks projected
to hit a record high of 867.5 million tons.
12/2/11 Corn futures prices traded sideways this
week as many other commodity markets rallied. Crude
oil broke through $100 a barrel as Iranian students
broke into the United Kingdon embassy in Tehran.
Positive job growth in the U.S. and other
encouraging economic data helped many commodities
push higher. Also adding to the bullish tone was
stability in Europe as a concerted effort by 5
central banks to add liquidity to Europe eased some
fears and a sell off in the U.S. dollar also helped
commodity prices.
11/25/11 Corn futures prices traded mostly down
along with the majority of the commodity markets.
The U.S. dollar index rallied almost to its October
4th high which is coincidentally when many commodity
markets' made their recent contract lows. The recent
German bond auction was a failure and couldn't
managed to sell all of the bonds issued as more
problems out of Italy and Greece hurt the European
Union as investors flee to cash and the U.S.
treasury markets. Also hurting corn is poor export
demand as buyers find cheaper corn in other parts of
the world.
11/18/11 Corn futures prices traded mostly down this
week as more problems came out of the European Union
suppressing most commodity rally attempts. The talk
of Italy potentially defaulting on its debt and
Italian bond yields breaching the critical 7% area
hindered most bullish support for most markets. The
European Central Bank chose to purchase Italian and
Spanish bonds to support the markets and prove that
they would support the teetering European Union and
its weak links from default.
11/4/11 Corn futures prices traded mostly sideways
this week as more uncertainty about Greek and
Italian solvency added to European Union woes. Also
adding to the uncertainty was the bankruptcy
declaration by MF Global who supposedly was
overleveraged in European high risk assets and it
was a very bad bet. This uncertainty pushed assets
towards the U.S. dollar and U.S. treasuries pushing
both higher on the week. The strong dollar often
depresses dollar denominated assets like
commodities.
10/14/11 Corn futures prices rose again this week as
the positive rhetoric out of the European Union and
the idea that the EU has plenty of assets to back up
its support of failing economys like Greece, Spain
and Italy has led investors back into stocks and
commodities. The U.S. dollar continues its fall
which is also helping out the dollar demoninated
commodity markets become more bullish. The recent
USDA report showed harvested acres down 500,000 and
yield estimates declining by 60 million bushels.
10/7/11 Corn futures prices rallied this week from
its lows. The market moving news of the week was
Moodys' cutting the senior debt and deposit ratings
of 12 UK financial institutions while at the same
time the European Commission put together a possible
coordinated European bank recapitalization plan to
stabilize weak links in the financial chain like
Greece and Italy. Market volatility continues to be
extreme in stock and commodity futures contracts.
9/30/11 Corn futures prices came down again this
week along with most other commodity markets as more
problems with Greece and its potential default to
its bond holders and other European woes has led to
an extremely volatile trading environment for stocks
and commodity investors. The U.S. dollar is also
near its recent highs which is also hindering the
bulls for now.
9/23/11 Corn futures prices sold off this week along
with just about every other commodity as more
problems out of the European Union and Federal
Reserve Bank chairman Ben Bernanke saying that the
U.S. economy was probably going to slip back into a
recession. This fear of a double dip global
recession sent investors fleeing out of the stock
and commodity markets around the globe and
strengthened the U.S. dollar significantly.
9/16/11 Corn futures prices sold off this week along
with most other commodity contracts as more European
soveriegn debt problems (Greece) and more bad
economic reports out of the United States have come
together to add more uncertainty about the world's
economic future. The weakening U.S. dollar did
little to prop up commodity prices. Volatility can
be extreme at times as the market reacts to economic
reports.
9/1/11 Crude oil futures prices sold off
dramatically this week as the strengthening U.S.
dollar and the idea that the Federal Reserve Bank is
thinking about another round of quantitative easing
to stimulate the economy as interest rates should
remain low until 2013 if not longer.
8/19/11 Corn futures prices had an extremely
volatile week along with most of the rest of the
commodity markets. The stock market indices were
quite volatile and affected most other asset classes
as European Union problems resurfaced again and put
many investors in doubt about future U.S. and global
growth prospects over the near term.
8/5/11 Corn futures prices have been mostly sideways
this week. This week's main stories are about
Europe's continued problems and the foreseeable end
of the European Union as the PIIGS continue to harm.
A slower global economy and the 10% correction in
the U.S. stock markets have many commodity investors
heading for the sidelines.
7/29/11 Corn futures prices have been trading mostly
sideways this week as the United States faces a
political impasse on raising the debt ceiling. This
has led to talk about the U.S. losing its AAA credit
rating and potentially defaulting on its debt
obligations. The U.S. dollar is trading sideways
near its lows probably because things seem to be
even worse in Europe. Many of the other commodity
markets have also been trading sideways for the most
part.
7/15/11 Corn futures prices rallied by about 80
cents this week as Ben Bernanke left the door open
for QE3 or printing more U.S. dollars to be used for
buying treasuries to help buoy the economy. Also the
European Bank Authority said 8 out of 90 banks
failed their stress tests this week. 5 were from
Spain, 2 from Greece and one from Austria. The U.S.
dollar sold off this week. The USDA raised its U.S.
ending stocks estimate from 695 to 870 million
bushels.
7/1/11 Corn futures prices sold off limit this week
after the USDA quarterly grain stocks/planted
acreage report showed the largest planted corn crop
since 1944. U.S. farmers planted 92.3 million acres
of corn in 2011. This is an increase of planted
acreage of 4.1 million acres from last year. This is
the third year in a row of a planted acreage
increase.
6/24/11 Corn futures prices are trading mostly down,
about 20 cents per bushel, this week in spite of the
collapse in crude oil prices. The Obama
administration decided to release 30 million barrels
of oil from the strategic petroleum reserve to help
pressure energy prices. The International Energy
Agency plans to add 2 million barrels a day from
non-OPEC reserves. Also pressuring the markets is
the idea that Greece will default sooner or later
and may be released from the European Union in order
to strengthen the Euro. Reports of slower growth out
of India and China is also pressuring commodity
prices in general.
6/10/11 Corn futures prices rallied this week as the
USDA report showed new crop carryout at 695 million
bushels down from 900 million in the May report. The
2011-12 corn production and ending stocks decreased
by 305 and 205 million bushels. The math shows
expectations for the largest corn crop in U.S.
history but the lowest ending stocks since 1995. All
eyes will be on the June 30 quarterly grain stock
report.
6/3/11 Corn futures prices are trading mostly
sideways this week as quite a bit of bad U.S.
economic data in manufacturing, housing and jobs has
consumer confidence falling along with the stock
market and most of the commodity markets. Many
economists fear a soft patch in the economy this
summer and a slowing of Asian demand for many
commodities as attempts to battle inflation by
raising rates are slowing growth.
5/27/11 Corn futures prices are trading sideways
along with most of the other commodity markets as
large speculators such as hedge funds seem to be
exiting the riskier assets. The lack of aggressive
buying and selling of these futures contracts has
caused many of them to trade sideways in small
trading ranges. The recent 3 cent rally in the US
dollar should have been more of a catalyst pushing
commodity prices higher but this has largely been
ignored. This is most likely caused by the
perception that China's economy may be slowing down
as well.
5/20/11 Corn futures prices rallied about 90 cents
per bushel this week in spite of the US dollar
continuing to strengthen and investors seem to be
heading for the exit when it comes to their riskier
assets and are getting in to cash and cash
equivalents. The recent flooding in the midwest has
the bears on the defensive. The volatility in many
markets has dropped considerably as some like
silver, gold, crude oil and cotton are consolidating
sideways. This in turn is bringing option premiums
back down to more normal levels for some markets as
this volatility premium is taken out of the options.
5/13/11 Corn futures prices sold off again this week
as the market digests the idea that Greece may
default on its debt just a year after this same
predicament that forced Germany to infuse money into
the system. This news crushed the Euro Currency and
pushed the US dollar higher which in turn hurt most
commodity prices and pushed volatility much higher.
Quantitative easing is set to end this summer which
might be why the stock market is soft in spite of
energy prices coming down violently. Option premiums
are very high for most commodities because of the
recent volatility.
5/6/11 Corn futures prices sold off this week along
with most of the other commodity markets. A cocktail
of bearish happenings have been a catalyst
initiating a huge exodus out of risk assets to
reduce investors' risk exposure. The ECB president
Trichet let the market know that a ECB rate hike is
not a done deal in July which in turn pushed the US
dollar up a full basis point. Also hitting the
markets were the CME group's increase in silver
margin requirements which totalled 5 increases over
the last 2 weeks which pushed weak longs out of the
market and caused silver to correct by about 25%
making it the worst sell off since the early 1980's.
Lastly, many US economic reports have been weaker
than expected which is weakening the confidence of a
strong economic recovery in the US over the near
term.
4/29/11 Corn futures prices lost about 30 cents per
bushel this week as floods in the Midwest cause
havoc. The FOMC meeting left Bernanke signalling
that QE 3 would not happen and QE 2 would end in
June and that interest rates will probably stay on
hold for a while leaving the US dollar to get
crushed as other countries plan on continued
interest rates hikes to fight inflation and attract
foreign assets to the stronger currencies.
4/22/11 Corn futures prices were one of the few
commodities trending sideways to down this week as
most of the other commodities rallied as the US
dollar hit levels not seen since the "Great
Recession" summer of 2008. The market seems to be
factoring in an unwillingness by the United States'
federal reserve bank to raise interest rates in
spite of the fact that many other economies like
Australia, China and the European Union are raising
interest rates. This rising interest rate
environment draws money away from US investments
into stronger currency assets.
4/8/11 Corn futures prices traded mostly sideways
this week bucking the uptrends of many other
commodity markets as the bulls seem to have control
for now. Gold hit an all time high and crude oil
broke through $110 a barrel pulling other
commodities with them. The US dollar coincidentally
hit new contract lows this week as well. The new
earthquake in Japan seems to be a non-event this
time for the markets.
4/1/11 Corn futures prices were up limit this week
after the USDA quarterly grain stocks and planted
acreage reports showed corn stocks at 6.52 billion
bushels which is down 15 % from this same report
last year. Farmers are expected to plant more corn
than originally thought but higher ethanol demand
with crude oil prices holding $100 and more feed
usage are keeping corn prices high. Corn option
premiums are high.
3/25/11 Corn futures prices were mostly higher this
week based on the fact that buying the risk trades
like commodities were the weekly theme. The Japan
nuclear scare seems to have been averted for the
most part and the markets factored in a worst case
scenario which caused the massive sell off last
week. The tensions in the Middle East seem to be
growing which pushed crude oil prices over the $105
level. The US dollar has been sliding for most of
the month of March which is also helping push most
commodity futures prices higher. Next week's
prospective plantings report will most likely be a
major market mover with any surprises.
3/18/11 Corn futures prices came down this week
along with most of the commodity and stock markets
as investors try to figure out what affects the
tsunami and its destruction of the cities and
nuclear plants in Japan will have over the short,
medium and long terms. Japan's economy is the 3rd
largest in the world and demand destruction for some
commodities may occur.
3/11/11 Corn futures prices have been coming down
recently after a volatile few weeks in the commodity
markets. Geopolitical issues in the Middle East put
the bias in the commodity markets in the hands of
the bulls for the last few weeks but the buy the
rumor sell the fact side of the equation and China's
first trade deficit in many years seems to be behind
the massive liquidation of most of the commodity
markets.
3/3/11 Corn futures prices rallied about 30 cents
per bushel this week as the world wonders about the
violence and ubiquitous unrest in northern Africa
and the middle east. Egyptians got rid of their
despot. Libya is trying along with Bahrain, Tunisia
and others which is pushing crude oil prices sky
high again. Higher oil prices are very inflationary
and helps push the bias of all dollar denominated
commodities higher.
2/11/11 Corn futures prices continue to rally with
most of the grain markets this week after the recent
USDA report showed corn carryover the lowest in 15
years. The uprising in Egypt by the people to oust
the long time president out of power has turned
violent and caused many commodity markets to become
very volatile because of the belief that turmoil may
spread to other Muslim countries near Egypt. On
February 10th the ousted president appointed his
vice president as ruler much to the dismay of the
protesters.
2/4/11 Corn futures prices rallied this week as
worry about the Egyptian uprising spreading to other
Muslim countries had the markets on edge. In spite
of the Suez canal being only responsible for about
3% of the oil shipping, the oil markets rallied and
pulled many other markets higher as well. The idea
that inflation and especially food and energy
inflation is starting to get traction in the media
and may have a significant impact of the economy
soon.
1/28/11 Corn futures prices are still near the highs
after the USDA supply and demand report showed
supplies are tighter than expected as demand has
continued to remain strong. Higher prices might be
necessary in order to curb demand over the near
term.
1/21/11 Corn futures prices followed the trend of
most of the other commodity markets as they sold off
violently in anticipation that China will step up
its efforts to quell inflation by making it harder
to get money out of its main banks by increasing
reserve requirements and raising interest rates.
1/7/11 Corn futures prices continue to sell off this
week as the US dollar continues to strengthen as new
Eurozone problems continue to add uncertainty in the
markets. Heavier grain sales usually occur after
January 1 as farmers delay sales to spread out the
tax liability to the next year. Last year's grain
markets hit their lows in February.
12/24/10 Corn futures prices rallied again this
week. The week before and after Christmas are
notoriously thinly traded and the markets can have
very volatile price swings because of the lack of
trading volume. Many money managers call it quits
for the year in early December to lock in before
year end.
12/17/10 Corn futures prices rallied again this week
as the number two producer and exporter Argentina is
experiencing hot and dry conditions. This may lead
China and other countries to buy US corn over the
next few months it the bad growing weather persists.
12/3/10 Corn futures prices have been running this
week as the European Union has decided to give
Ireland the loan it needs so that it won't have to
default on its debt. Also helping the market is the
idea that the worst of the problems in the United
States are in the past and its economy will likely
begin to grow at a better pace than expected. There
is also the idea that capital gains taxes and taxes
on dividends will not be implemented now that
republicans are in charge.
11/19/10 Corn futures prices sold off again this
week as China raised interest rates in an attempt to
slow its overheating economy and inflation. Also
pressuring the commodity markets was the idea that
Ireland may default on loans might lead to more
Eurozone economic problems coming soon.
11/12/10 Corn futures prices are correcting
significantly after the huge run up in prices. The
most prevelant perception is that the global
recovery may be stalling based on worse than
expected economic reports as of late and the idea
that China will hike interest rates to battle
inflation which should push commodities lower.
11/5/10 Corn futures prices are still heading higher
as the FOMC meeting yielded more quantitative easing
by the Fed. Printing more money should lead to high
inflation or hyperinflation for the next few years.
Especially when you consider the fact that the Fed
bought so much of the toxic real estate assets from
Freddie Mac and Fannie Mae. It makes sense that they
won't raise rates to fight inflation because it
would cost the government billions of dollars.
10/22/10 Corn futures prices are still trading
sideways near the top of its recent price range.
These lofty prices seem to be minimizing demand and
corn prices may need to come down to stimulate more
buying. Crop harvest is going well and about 60% of
the crop is harvested.
10/15/10 Corn futures prices are still near the
highs as ethanol plants and livestock producers
picked up buying after last week's USDA report cut
corn production estimates. The EPA recently approved
higher ethanol levels in gasoline for cars from 2007
and up. Corn option volatility premiums are high.
10/8/10 Corn futures prices came down this week with
lots of profit taking by commodity funds. The recent
USDA report showed US production down 4% from
September to 1.2664 billion bushels. This is 3%
below last years record production levels. The yield
per acre came in at 155.8 bushels down 6.7 bushels
from September's estimate. The market reaction to
the report is limit up.
9/24/10 Corn futures prices are still running higher
in spite of the idea that these high prices may
start to hurt demand. The recent sell off in the
U.S. Dollar is also helping push prices to the up
side.
9/17/10 Corn futures prices rallied to new 23 month
highs as disappointing yields in many parts of the
Midwest because of the soil being too wet for most
of the year. Also pushing prices higher is
aggressive commodity fund buying. Corn options have
very high premiums right now.
9/10/10 Corn futures prices rallied to fresh 23
month highs on concerns about the size and yield of
this year's crop. A soggy summer flooded many low
lying fields. The USDA report showed US corn
production at 1.316 billion bushels and a yield per
acre of 162.5 bushels.
8/20/10 Corn futures prices are still moving higher
as heat stress to the southern corn region of the
U.S. may hurt yields in that region along with tight
supplies of corn in China and the excessive rains
that are flooding parts of the Iowa corn crop are
helping the bulls.
8/13/10 Corn futures prices rallied by about 20
cents per bushel this week based on strong export
demand and strength in wheat. Some analyst are
expecting the huge corn crop to not get any bigger
going against the old axiom that big crops always
get bigger.
8/6/10 Corn futures prices recently sold off from a
7 month high as the wheat market recently exploded
to the upside on fears of drought in Russian,
Kazakhstan and the Ukraine is expected to hurt
yields and limit imports.
8/2/10 Corn futures prices are rallying again based
on the fact that strong wheat prices may push users
to feed their livestock with corn instead of feed
wheat. There is also the potential that Russia may
ban wheat exports because of the severe drought in
that region.
7/24/10 Corn futures prices sold off over 20 cents
this week as near ideal weather conditions and
bearish technicals are pressuring the corn market
and battling with the weakness of the US Dollar.
Corn option premiums are high.
7/10/10 Corn futures prices rallied this week as the
US Dollar continues to weaken and smaller acreage
are being factored into the markets. The recent USDA
supply and demand report showed US ending stocks
come down from 1.573 billion bushels to 1.373
billion bushels. World ending stocks came down from
147 million tons to 141 million tons. The 2009-10 US
exports are up 10% from a year ago.
7/2/10 Corn futures prices rallied this week to a 4
week high after the USDA planted acreage and
quarterly grain stocks report came in bullish. The
planted area came in at 87.87 million acres which is
up 2% from a year ago but less than expected. The
grain stocks report came in at 1.31 billion bushels
up 1% from a year ago. Corn pushed to nearly limit
up after the report was issued.
6/24/10 Corn futures prices sold off this week as
better weather and bearish technicals aren't giving
the bulls much good news. One bright spot for bulls
is that China is importing corn for the first time
in 14 years and corn used for ethanol production is
also higher than expected.
6/11/10 Corn futures prices came down again this
week. The December contract hit a 3 year low based
on good growing conditions and the uncertainty of
demand because of negative global economic outlooks.
The recent USDA report showed US ending stocks come
down from 1.818 to 1.573 billion bushels and world
ending stocks down from 154 to 147 million tons.
6/4/10 Corn futures prices came down again this week
as the higher US Dollar, a lack of Chinese demand
and good growing weather throughout the Midwest
pressured prices this week.
5/28/10 Corn futures prices are trading sideways
this week as a lack of any weather threats and a
very good looking crop may keep a lid on prices. The
stabilizing US Dollar and the recent purchases from
China are keeping prices trading sideways for now.
5/21/10 Corn futures prices came down with the rest
of the commodity markets this week as the European
problems stemming from Greece and the other PIIGS
are expected to hurt demand for many commodities.
Investors seem to be choosing cash over stocks and
commodities for now.
5/14/10 Corn futures prices are ranging higher as
the recent USDA supply and demand report showed US
ending stocks rise to 1.818 billion bushels from
1.738 billion bushels. World ending stocks rose to
154 million tons from 147 million tons.
5/7/10 Corn futures prices fell this week as good
planting weather and the problems with Greece and
the flight of assets into the US Dollar and US
Treasuries battles the bullish news that China is
buying corn because of the expectation of a shortage
sometime this year.
4/25/10 Corn futures prices tried to rally this week
along with the rest of the grain markets but the
recent planting progress has been very good for most
of the grain belt so far. The recent strength in the
US Dollar is not helping prices either.
4/16/10 Corn futures prices rallied this week as the
US Dollar weakened and in spite of excellent weather
prospects over the near term that should help
plantings. Normal precipitation is expected which
should allow the very wet areas to dry out a bit.
4/9/10 Corn futures prices rallied this week as the
rumors that China is importing corn hit the corn
pits this week. Also helping prices is the idea that
many economies around the world are improving which
may improve demand for US grains. Corn option
premiums are high.
3/27/10 Corn futures prices hit a contract low this
week as good planting/growing conditions and plenty
of soil moisture throughout the Dakotas, Iowa,
Nebraska, Missouri, Illinois and Nebraska helped
push prices to a 5 month low.
2/26/10 Corn futures prices rallied this week in
spite of the stronger US Dollar based on the idea
that heavy rains in South America will hinder
harvest and that winter snow and cold temperatures
in the grain belt will delay plantings causing lower
corn acreage this year. Corn option premiums are
high.
2/12/10 Corn futures prices rallied this week as the
USDA report showed US ending stocks down from 1.764
to 1.719 billion bushels and world ending stocks
down from 136 to 134 million tons. Also helping
prices is the idea that Europe will help Greece with
its financial problems which lent strength to most
of the commodity markets.
2/5/10 Corn futures prices sold off again this week
as the recent strength in the US Dollar is expected
to hurt demand for commodities and the recent
attempts by China at monetary tightening is also
hurting prices.
1/30/10 Corn futures prices came down again this
week as the USDA estimate of a larger than expected
US 2009 corn crop coupled with seasonal price
pressures and the strong US Dollar all put together
pushed corn prices down to the lowest prices since
October. Corn option premiums are high.
1/22/10 Corn futures prices came down again this
week as the US Dollar continues to strengthen and
the idea that China is trying to restrain its
economy by raising rates and increasing the minimum
reserve requirements that banks must keep will
diminish demand.
1/15/10 Corn futures prices collapsed this week as
the USDA supply and demand report showed US ending
stocks move up from 1.675 million bushels to 1.764
million bushels and world ending stocks go from 132
million tons to 136 million tons. Corn moved down
limit on the news.
1/8/10 Corn futures prices rallied this week as the
below zero temperatures throughout much of the
midwest may have damaged what little corn was yet to
be harvested. The strong US Dollar had been limiting
rallies.
1/1/10 Corn futures prices rallied to a 3 week high
as the bad weather through out much of the Midwest
growing regions is making it extremely difficult to
get the last 5% of the corn crop harvested. Corn
options premiums are high.
12/11/09 Corn futures prices rallied 20 cents this
week in spite of the strong US Dollar as the Arctic
blast rolls through the upper United States.
The USDA supply and demand report showed US ending
stocks up to 1.675 from 1.625 billion bushels. World
ending stocks stayed the same at 132 million tons.
12/4/09 Corn futures prices sold off for the most
part as the US Dollar rose dramatically higher on
Friday after the upbeat jobs report and in spite of
the North Dakota harvest being only 40% complete and
South Dakota at on 58% complete.
11/28/09 Corn futures prices rallied again this week
as excessive rains in Iowa and Missouri continue to
hamper harvest. The US Dollar hit an 18 month low
which also helps export demand for US grains because
foreign currencies now have so much more buying
power concerning American commodities.
11/20/09 Corn futures prices rallied this week as
the harvest is still behind the 5 year average and
more rain is expected to be coming this week. The
recent weakness in the US Dollar as it hit another
contract low is also helping out grain futures
prices.
11/13/09 Corn futures prices are up a bit this week
as the USDA estimates for US ending stocks came down
form 1.672 billion bushels to 1.625 billion bushels
and the world ending stocks estimates went from 136
million tons to 132 million tons. Bloomberg reported
that China's drought will cause their corn crop to
be down as much as 13% this year.
11/6/09 Corn futures prices are selling off this
week as dry weather moved into the grain belt
allowing for excellent harvesting progress ahead of
any damaging cold weather events. Corn option
premiums are high.
10/24/09 Corn futures prices are at their highest
levels in 3 months as cold and wet weather is
hindering harvest progress. The USDA estimates that
the crop is only 17% harvested which is way behind
the average for this time of year. The recent lows
in the US Dollar are also helping push corn prices
higher.
10/12/09 Corn futures prices are rallying again as
the planting delays earlier in the season are
leaving the crop vulnerable to early frost damage
throughout the Midwest. The recent USDA report
showed US ending stocks increase from 1.635 to 1.672
billion bushels and world ending stocks decreased
from 139 to 136 million tons. Below average
temperatures are expected this week throughout the
corn growing regions of the Midwest.
9/25/09 Corn futures prices fell again as no cold
weather is expected to threaten the crop at least
out until October 3. The recent rally in the US
Dollar off of its yearly lows is also pressuring
corn prices.
9/18/09 Corn futures prices rallied this week as the
potential for frost damage may hurt yields on the
late planted crop areas. Also helping prices are the
weakening US Dollar and the idea that the global
economy may be strengthening.
9/11/09 Corn futures prices are near the contract
lows as the USDA estimated for US ending stocks are
up from 1.621 to 1.635 billion bushels and the world
ending stocks reduced from 141 to 139 million tons.
The Chinese crop is expected to be reduced based on
persistent droughts. The lack of any weather threats
in the US is also pressuring the price. The USDA
world crop estimate would be the second largest in
history at 13 billion bushels. Corn option premiums
are high.
9/4/09 Corn futures prices are near the contract
lows as the weakening US Dollar cannot offset the
expectations of a huge crop and a lack of freeze
worries based on the late plantings. Corn option
premiums are high.
8/21/09 Corn futures prices are trading sideways
this week around the $3.10 per bushel area. The lack
of any fresh bullish or bearish news has the corn
market consolidating sideways for now. Corn option
premiums are high.
8/7/09 Corn futures prices are selling off this week
after nearing the highs based on the idea that the
crop might be even bigger than expected. The USDA
report will be out next Wednesday. Corn option
premiums are high.
7/31/09 Corn futures prices are still near contract
lows as favorable weather and the perception by many
traders that big crops keep getting bigger keeps
pressure on prices. Corn option premiums are high.
7/20/09 Corn futures prices are still coming down to
contract lows as good weather and ample supplies
seem to be winning the battle over strong export
demand and the weakening US Dollar. The corn crop is
in the critical pollination stage of development.
Corn option premiums are high.
7/10/09 Corn futures prices are still falling as the
large crop is coupled with ideal growing conditions.
The most recent USDA report showed US ending stocks
up from 1.09 to 1.55 million bushels and world
ending stocks up from 125 to 129 million tons. Corn
option premiums are high.
7/4/09 Corn futures prices sold off limit this week
as the USDA estimate for planted corn acreage was
87.03 million acres roughly 3 million more than the
average estimate. This is the second largest
planting since 1946 and corn closed near a 7 month
low. Corn option premiums are high.
6/21/09 Corn futures prices sold off this week with
the rest of the grain market as the US Dollar
rebounded and in spite of the potential for more
farmers to switch from corn acres to soybean because
of the recent wet weather planting delays. Corn
option premiums are high.
6/5/09 Corn futures prices rallied this week in
spite of good planting progress in the grain belt.
The inflation trade seems to be giving many
commodities traction for these rallies. Corn options
premiums are high.
5/30/09 Corn futures prices are rising to the
highest close in 4 months as recent good planting
progress is being offset by the potential for
farmers to switch from corn to soybeans because of
the late planting in many areas. Corn option
premiums are high.
5/22/09 Corn futures prices are still very high as
bad planting conditions continue to hamper planting
progress for farmers. Corn option premiums are high.
5/15/09 Corn futures prices are rallying again. The
recent USDA report showed US ending stocks down to
1.145 form 1.60 million tons and world ending stocks
down to 128 form 140 million tons. Planting delays
are becoming the norm a wet weather persists in the
grain belt. Corn option premiums are high.
5/8/09 Corn futures prices are rallying again as
unusually wet and cool weather is hindering planting
progress in many areas of the growing regions. The
recent rhetoric of more government support for corn
based ethanol is also helping. Corn option premiums
are high.
4/30/09 Corn futures prices are coming down as the
swine flu may hurt demand for corn as hogs are
slaughtered. The sell off is happening in spite of
the wet weather in the grain belt hindering planting
progress. Corn option premiums are above average.
4/23/09 Corn futures prices are selling off in spite
of planting progress being behind the averages. Corn
plantings are expected to be high this year and
ethanol demand is down. Corn option premiums are
high.
4/10/09 Corn futures prices are higher as the USDA
report showed US ending stocks down form 1.74 to
1.70 billion bushels and the world ending stocks
were down from 145 to 143 million tons. Corn option
premiums are high.
3/27/09 Corn futures prices are running this week in
spite of slow exports. Corn futures traders are
anxiously waiting for the USDA planting intentions
report coming out March 31. Corn option premiums are
high.
3/20/09 Corn futures prices are rallying this week
as inflation may occur soon following the worst
deflationary cycle since the Great Depression may be
ending soon. The recent move by the Fed to print a
trillion dollars and then buy treasuries weakened
the US Dollar significantly this week. Corn option
premiums are high.
3/13/09 Corn futures prices are still coming down in
spite of the recent USDA supply and demand report
showing US ending stocks down 50 million bushels
since last month and the world crop ending stocks up
only .6 million tons. Corn option premiums are high.
3/7/09 Corn futures prices are selling off again
along with the rest of the grain complex. The strong
US dollar and weak stock markets are pulling many
commodity markets down. Corn option premiums are
high.
2/27/09 Corn futures prices are trading sideways as
a lack of any news makes it hard for bulls and bears
to gain any traction. Corn option premiums are high.
2/13/09 Corn futures prices have been trading in a
50 cent trading range in spite of the recent USDA
report that showed no increase of US ending stocks
still at 1.790 billion bushels and an increase in
world ending stocks from 136 to 137 million tons.
Corn option premiums are high.
2/6/09 Corn futures prices are trading in a 50 cent
range recently. Prospects of less corn acreage
because high fertilizer costs may switch farmers to
soybeans is being offset by the lack of ethanol
demand and the 50 year low in the US cattle herd
numbers and the calf numbers are at a 57 year low.
Corn option premiums are high.
1/30/09 Corn futures prices look as if they are
basing between $3.50 and $4.25. Recent pressure to
the upside was caused by less rain than expected
falling in drought stricken growing areas of
Argentina. Corn option premiums are high.
1/16/09 Corn futures prices sold of because of the
bearish USDA report. US ending stocks are up from
1.474 to 1.750 million bushels and world ending
stocks were up from 124 to 136 million tons. Corn
option premiums are high.
1/10/08 Corn futures prices rallied this week based
on a lower US Dollar, dry weather in Argentina and
the rally in soybean prices. Corn option premiums
are high.
12/27/08 Corn futures prices rallied based on the
thin markets and talk of hot dry weather in
Argentina and Southern Brazil. Corn option premiums
are high.
12/19/08 Corn futures prices have been following the
moves of the US Dollar this week as strong dollar
days usually pressure corn prices and weak dollar
days often strengthen corn prices. Corn option
premiums are high.
12/12/08 Corn futures prices rallied with the rest
of the commodity markets as the US Dollar fell from
its highs. The USDA estimates US ending stocks
increased from 1.124 to 1.474 million bushels and
world ending stocks increased from 110 to 124
million tons. Corn prices are down 60% from the
highs and China is expected to be a net exporter
next year. Corn option premiums are high.
12/5/08 Corn futures prices sold off to a contract
low this week as the US Dollar strengthened again as
the globally economy weakens. Corn option premiums
are high.
11/30/08 Corn futures prices are trading sideways as
the potential for a global recession and continued
deflationary pressures are limiting rallies. Corn
option premiums are high.
11/21/08 Corn futures prices are falling as the
harvest is almost finished and the economic outlook
for higher demand is looking bad right now. Corn
option premiums are high.
11/7/08 Corn futures prices sold off this week as
news of the largest US producer of ethanol filed for
bankruptcy and the US Dollar strengthened. Corn
option premiums are high.
11/1/08 Corn future prices rallied this week in
spite of excellent harvest weather and the strong US
Dollar. Corn harvest is behind the 5 year average
and corn prices have now fallen $4 in 4 months. Corn
option premiums are high.
10/24/08 Corn futures prices are still falling as
the massive deleveraging of stocks and commodities
continues to pressure prices. Corn futures are also
being hurt by the massive repatriation of US Dollars
causing the USD rally to 3 year highs and good
harvest progress. Corn option premiums are high.
10/10/08 Corn futures prices are selling off again
based on the USDA report that showed US ending
stocks up form 1.018 to 1.154 billion bushels. The
world ending stocks showed an reduction from 110 to
108 million tons of corn. The corn harvest is on the
way and the strong US Dollar is also hurting prices.
Corn option premiums are high.
10/6/08 Corn futures prices are still selling off
and are below $4.25. The scramble by investors for
liquidity, fears of a global recession and the
strong US Dollar are hurting corn prices. Corn
option premiums are high.
9/25/08 Corn futures prices are selling off this
week as coarse grain products are forecast to be at
a new record high around the globe. Corn option
premiums are high.
9/19/08 Corn futures prices sold off this week as
ideal harvest weather and plenty of moisture is
helping yields. Corn option premiums are high.
9/12/08 Corn futures prices sold off most of the
week until the USDA report showed US ending stocks
at 1.018 billion bushels which is down from 1.133
billion bushels from last months report. World
ending stocks were at 110 million tons down from 112
million tons from last months report. Good weather
is expected to help the crop and exports are
expected to be down 18% next year. Corn option
premiums are high.
9/5/08 Corn futures prices are dumping based on the
moisture from Hurricane Gustav helping the crops and
their yields. The rally in the US Dollar and the
sell off in commodities in general are also pulling
prices down. Corn option premiums are high.
8/29/08 Corn futures prices are being pushed by the
fundamental news of the US crop yields being
negatively impacted by dry weather and the Argentina
crop dealing with a drought of their own. Argentina
is the second largest corn exporter behind the US.
The USDA said that crop ratings declined from last
week. Corn option premiums are high.
8/22/08 Corn futures prices rallied this week based
on Mexico buying 155,465 tons of new crop corn and
the hot dry weather that may begin to start hurting
yields in the parts of the grain belt whose yields
are going to be affected by the recent floods. Corn
option premiums are high.
8/15/08 Corn futures prices have been rallying since
the USDA report that showed US ending stocks up from
833 to 1,133 million bushels and the world ending
stocks being revised up from 105 to 112 million
tons. Maybe the end of the selloff in corn is
occurring based on the counterintuitive price moves.
Corn option premiums are high.
8/8/08 Corn futures prices sold off again this week
as good weather is really helping out the crops and
the recent strength in the US Dollar will probably
hurt US exports. Corn option premiums are high.
7/25/08 Corn futures prices sold off again this week
as good growing weather and higher yields are
expected for the crop. The recent rise in the US
Dollar is also pressuring grain prices. Corn option
premiums are high.
7/18/08 Corn futures prices failed to hold the rally
this week as good growing weather throughout the
grain belt should help yields per acre increase over
the next few weeks. Corn option premiums are high.
7/11/08 Corn futures prices fell this week because
the USDA raised its ending stocks estimates in the
US from 673 to 833 million bushels. It also raised
the world ending stocks estimate to 105 from 103
million tons. Corn option premiums are still very
high.
7/4/08 Corn futures prices rallied again this week
after falling because the USDA estimates that corn
yields and acreage won't be as bad as expected
because of the floods. Corn option premiums are
high.
6/27/08 Corn futures prices bounced this week with
the Federal Reserve Bank's inaction concerning
interest rates. Corn futures rallied back near the
all time highs as the flood damage is still being
assessed in the grain belt. Corn options premiums
are very high.
6/20/08 Corn futures prices sold
off this week as most of the panic buying because of
the floods may be already priced into the market.
Estimates for losses are likely to be in the area of
1 million corn acres lost. This year's flood is near
the record flood levels in 1993. Corn option
premiums are ridiculous right now.
6/13/08 Corn futures prices
rallied to an all time high this week based on
floods in the corn belt and very likely yield damage
caused by late plantings and an over abundance of
moisture. The USDA crop production/ supply and
demand report showed a decrease in US ending stocks
for corn from 763 to 673 million bushels. Corn
option premiums are high.
6/6/08 Corn futures prices broke
out to a contract and all time high this week based
on the unusual spring storms that hindered corn
planting. The fall in the US Dollar because of the
talk on interest rate increases in the EU is also
helping out the grains. Corn option premiums are
high.
5/30/08 Corn futures prices are
still trading within a range in spite of the poor
planting conditions and only 88% of the crop being
planted and 52% emerged which is below the 5 year
averages of 94% and 76%. Also hurting corn was the
government's decision to open 24 million acres of
previously protected land to allow cattle grazing.
This means less cattle in feed lots and less corn
usage. Corn option premiums are
above average.
5/23/08 Corn futures prices are
trading in a 40 cent trading range over the last few
weeks. The USDA reported that only 73% of the US
crop is planted which compares to the 5 year average
of 88%. Late planted corn will be very vulnerable to
early frost damage especially in South Dakota and
Minnesota. Corn option premiums are high.
5/15/08 Corn futures prices sold
off from all time highs this week based on drier and
hotter weather predictions for the coming week. This
should allow farmers to catch up with their corn
plantings. Corn option premiums are high.
5/9/08 Corn futures prices hit a
new all time high this week based on planting delays
and lower global supplies. Only 27% of the corn crop
is planted versus the 5 year average of 59%. The
USDA estimates for 2008-09 US ending stocks is 763
million bushels down from 1.383 billion from 2007-08
estimate. The estimates for the world ending stocks
were 99 million tons down from 110 million in
2007-08. Corn option premiums are high.
5/1/08 Corn futures prices have
been gaining strength based on planting delays
because of cold and wet weather in the corn belt.
Corn is only 10% planted compared to the 5 year
average of 35% for this time of year. There is a
direct correlation to late corn planting and lower
yields. Corn option premiums are still high.
4/25/08 Corn futures prices are
falling based on improved planting prospects because
of less rain than forecasts predicted in the grain
belt. Canada estimates that its corn plantings will
be down 13% this year and overall planting progress
in the US is well below average for this time of
year. Corn option premiums are high.
4/18/08 Corn futures prices are
still hovering near all time highs based on planting
delays in the corn belt because of wet weather. Also
pushing prices higher has been the very active
commodity fund buying spree this week. Only 2% of
the corn crop has been planted versus 7% being the 5
year average for this time of year. Corn option
premiums are high.
4/11/08 Corn futures prices hit
all time highs again this week and then sold off
after some profit taking. The USDA lowered its
estimate of US ending stocks by 155 million bushels
and the wet weather in the corn belt is hindering
planting. Corn has to be planted by May 15 or
farmers have to plant something else. Corn option
premiums are high.
4/4/08 Corn futures prices hit
all time highs this week based upon fund buying.
Funds bought because the USDA report showed corn
acreage down by 8% from a year ago. Other corn news
involved the strike in Argentina ending and the corn
stocks up 13 % from a year ago. Very wet weather in
parts of the corn belt are delaying planting and may
for farmers to switch to beans or something else.
Corn option premiums are high.
3/28/08 Corn futures prices were
trading sideways within a huge price range for most
of the week and traders are positioning for the
March 31 USDA prospective plantings report. There
was major flooding in the Southern corn belt this
week. The report is expected to show more soybean
acres at the expense of corn acres. Corn option
premiums are high.
3/21/08 Corn futures prices kept
falling this week as Wall Street hedge funds and
commodity funds liquidated futures positions to
cover margin calls in stocks and to pay back
borrowed money. The Bear Stearns issue took the
confidence from investors. The Fed's 75 basis point
cut surprised investors because a full 100 basis
point cut was expected. Corn option premiums are
high.
3/14/08 Corn futures prices
rallied this week as the USDA reported ending stocks
unchanged in the US at 1.438 billion bushels. Many
farmers are expecting to plant soybeans instead of
corn because of the higher profit margins and
consumption is expected to use up current supplies
before year end. The new low for the US Dollar is
making US corn cheap to foreign buyers and the
Federal Reserve Bank is expected to cut interest
rates again by 50 to 75 basis points. Corn option
premiums are high.
3/7/08 Corn futures prices sold
off with the rest of the commodities this week after
making a contract high. The USDA report coming out
on 3/11 is expected to show a move by farmers into
soybeans and wheat at the expense of corn acres.
Corn option premiums are high.
2/29/08 Corn futures prices
rallied in sympathy of soybeans and wheat. The USDA
expects corn use to outstrip production by 200
million bushels in 2008-9. Using corn to make
ethanol is expected to continue because of
government mandate in spite of its inefficiencies as
a fuel. Increased pig and poultry consumption in
Asia is expected to help demand for corn as a feed
product. Corn option premiums are high.
2/22/08 Corn futures prices are
still near all time highs based on the idea that
China is not going to be a large corn exporter this
year because of internal demand. The USDA planting
estimate came out this week and shows a 4% drop in
planted acres of 90 million because of more
profitable soybean and wheat prices for farmers.
Corn option premiums are high.
2/15/08 The USDA came out with
its long term projected 2008-9 corn production
estimate stating the corn production would be down
4%. Globally speaking, many producers are not having
good crops and the battle for acres with soybeans
and wheat is another wild card. Corn option premiums
are high.
2/8/08 Corn futures prices
rallied this week in spite of the higher dollar.
Corn stocks are the lowest levels in decades and
ethanol and feed demand continue to grown in spite
of high prices. The USDA report today showed an
increase in global and US stocks. February is
typically a soft month for grain futures prices.
Corn futures prices at $5 may not hold this month.
Corn option premiums are high.
2/1/08 Corn futures prices
rallied this week aided by high demand. The USDA
report showed a global reduction in corn to 101
million tons which is called to pressure corn
futures prices higher. The weakening dollar, low
global stockpiles and a higher future demand outlook
may bring corn futures prices up. Demand for ethanol
is using up record amounts of corn supplies which
hypothetically should push corn futures prices
higher over the long term. March corn futures prices
are trading around $5 per bushel.
-T & K Futures and Options Inc. |
