Corn futures are beginning Tuesday with prices working another 5-6 cents weaker. For December that has the board sitting now 22c under the $7/bu mark. Yesterday, corn settled 4 1/2 to 6 1/2 cents in the red on Monday, with December posting the lowest close since October 7.
Slow exports were a concern. 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.
USDA’s weekly Crop Progress data (released after the close) showed 94% of the corn crop had reached maturity, 2% points ahead of the 5-yr average. Harvest progressed 6% to 45% complete as of 10/16. The 5-yr average pace is 40% harvested. Wisconsin, Illinois, and Pennsylvania all trail their average pace, but were more than made up for by expedient harvest in IA, NE, SD as well as above normal in KS and MN. Corn conditions were 3 points weaker on the Brugler500 Index from last week to 334 – most of the change came from CO with a 29 point drop, PA was also down by 17 points from last week.
Dec 22 Corn closed at $6.83 1/2, down 6 1/4 cents, currently down 6 cents
Nearby Cash was $6.68 ¼ on Monday, down 5 3/4 cents,
Mar 23 Corn closed at $6.89 3/4, down 6 1/2 cents, currently down 5 1/2 cents
May 23 Corn closed at $6.91, down 6 1/4 cents, currently down 5 1/2 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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