Corn Futures Market News and Commentary
Report day is starting with corn trading at the top end of the 3 1/4 cent overnight range. Corn prices turned red on Tuesday, but the March contract stayed within Monday’s range. The board was 4 to 5 1/2 cents weaker at the closing bell. Preliminary open interest showed some net new selling, up 4,160 contracts on the day. New crop December corn ended at an 80 1/2 cent discount to the March contract.
Monthly export data from Census confirmed the December corn export was 3.69 MMT or 145.4 mbu. That set the MYTD pace at 426.23 mbu officially through the first 4 months. DDGS shipments were reported at 887,433 MT, a 22% increase from November but a 5% lower volume yr/yr. Ethanol exports were down 38% from December ’21 and were 9% lower mo/mo with 74.16m gallons shipped.
Ahead of USDA’s WASDE report analysts surveyed expect a 31.4 mbu larger domestic corn carryout – likely stemming from an export trim or ethanol cut. The low end is expecting carryout to get 42 mbu tighter, w... Read more