Corn Futures Market News and Commentary
Corn futures initially worked on a turnaround Tuesday, but faded through the afternoon to close mixed and mostly red. Dec futures were down by 4 cents, with a 1 ¾ cent loss in March. The back months were fractionally mixed. The Dec/Dec spread is now 54 ¼ cents. Spot Dec enters deliveries with FND on Thursday.
Estimates ahead of StatsCan’s report show the trade is looking for corn output between 14.8 MMT and 15.1 MMT with 15 flat as the average trade guess. Last year’s corn output was 14.93 MMT, and USDA is currently using 15.3 MMT for Canada’s corn crop.
The Monday morning Export Inspections report showed 406,680 MT (16.01 mbu) of corn shipped during the week ending on November 23. Total shipments this MY have totaled 7.267 MMT (286.12 mbu).
AgRural pegged Brazil’s first corn crop at 83% planted in the center south region as of last Thursday, which lags last year’s 88% pace.
Dec 23 Corn closed at $4.51 1/2, down 4 cents,
Nearby Cash was $4.27 3/8,... Read more