Monday’s corn futures market ended the session with 2 to 5 1/4 cent losses for the front months, For December that was the weakest close since 10/6. The December to December premium tightened to now 52 1/4 cents.
USDA reported 87% of the 22/23 corn crop has been harvested through 11/6. That compares to 76% last week and 76% on average. In Iowa, harvest progressed to 89% finished with 88% of IL corn and 90% of the corn in NE picked.
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.
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.
Dec 22 Corn closed at $6.75 3/4, down 5 1/4 cents,
Nearby Cash was $6.73, down 4 7/8 cents,
Mar 23 Corn closed at $6.81 1/2, down 5 1/4 cents,
May 23 Corn closed at $6.82, down 4 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.
