Corn Futures Market News and Commentary
Front month corn prices are fractionally to 4 ¾ cents higher. There were 532 delivery notices overnight against December corn futures. The oldest long is now dated 11/30/23. ADM did stop 167 of those for the house account.
South Korea’s KFA is on the market for 68k MT of feed corn via tender.
USDA reported 1.158 MMT of corn was shipped during the week that ended 11/30. After revising past reports higher, the export total for the season was up to 8.248 MMT (331.8 mbu) – a 26.7% improvement vs. last year’s pace.
Trader estimates ahead of Friday’s December WASDE and Crop Production reports show analysts are looking for a miniscule change, seeing a 2.8 mbu tighter corn carryout for the U.S. and a 1.6 MMT tighter carryout for the world picture. Argentina is projected with a 300k MT lighter production and a 1.8 MMT lighter output is seen for Brazil.
A publicly traded farming company in Brazil, SLC Agricola, reported their winter corn area will be 7.5% below the... Read more