Corn prices remain off their lows into the midday portion of Monday. Overnight corn prices weakened by 5 cents, but climbed back and have remained firm near 2 cents in the red.Â
USDA reported 231,458 MT of corn was shipped during the week that ended 11/03. That was down from 445k MT last week and from 660k MT during the same week last year. Mexico was the week’s top destination with 203k MT of the total. Along with that the Interior system took most of the shipments, with Gulf exports via MS River accounting for 41.5k MT (of the 46.2k MT remainder). Accumulated corn exports reached 4.447 MMT as of 11/3, compared to 6.134 MMT at the same point last year.Â
Ahead of the monthly WASDE report, analysts surveyed are looking for a 0.1 bpa yield hit to 171.8 bpa. That would take production down to 13.888 bbu if the trade average guess is realized. Ending stocks, however, are projected to loosen by 46.5 mbu relative to October. Despite the light output reduction, the looser stocks imply greater demand loss.Â
Dec 22 Corn  is at $6.78 3/4, down 2 1/4 cents,
Nearby Cash  is at $6.75 3/8, down 2 5/8 cents,
Mar 23 Corn  is at $6.84 3/4, down 2 cents,
May 23 Corn  is at $6.84 3/4, down 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.
