Corn futures are working a nickel to 5 3/4 cents in the red through midday. December traded in a tighter range overnight, but is currently working near the day’s lows.
The USDA’s weekly inspections data had 448,423 MT of corn shipments for the week that ended 10/13. That was similar to 457k MT last week, but was down sharply from the 1.05 MMT shipped during the same week last year. Mexico and China were the top destinations for the week – each with +140k MT. The MY total shipment reached 3.29 MMT, compared to last season’s 4.17 MMT pace.
Argentina’s Rosario Grains Exchange noted corn planting pace for early 22/23 corn is lagging the most recent 6 years. They estimate just 10% of the country’s expected area will be the early crop, a 10-yr low.
Dec 22 Corn is at $6.84 1/2, down 5 1/4 cents,
Nearby Cash is at $6.69 3/4, down 5 1/4 cents,
Mar 23 Corn is at $6.90 3/4, down 5 1/2 cents,
May 23 Corn is at $6.91 1/2, down 5 3/4 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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