Corn futures bullish sentiment dominated corn

Bullish sentiment dominated corn futures trade after the March delivery reached $4.91 on strong ethanol demand data. USDA’s latest export inspection figures exceeded estimates, fueling optimism of sustained demand. Price charts indicate resistance at $4.93, with support at $4. Export sales data was not released this morning due to the government shutdown. Traders were looking for between 1.2 an 2.2 MMT of corn sold in the week ending on September 25. 90-day outlook: Global wheat production prospects have improved amid expectations of good crops out of Brazil and Argentina. While weather in the U.S. has been favorable for planting, current prices are not much of an incentive for producers. Spring wheat futures carved yet another contract low this week as USDA’s final wheat production figures for the 2024-25 crop surpassed market expectations. Producers are preparing for the upcoming crop, but lacking fervor. Global demand for U.S. wheat is showing some promise, however. Corn futures climbed on speculation that China may accelerate U.S. purchases ahead of possible supply disruptions from South America. The May contract closed at $4.87, with daily volume surging 22% above average. This spike in activity suggests strong institutional participation backing the uptrend.