Corn is trading 2 cents red into the day portion of Tuesday. Overnight action saw a tight range from + 1 1/4 to -3 1/4 cents in the Dec contract. On Monday corn futures ended the session with 2 to 5 1/4 cent losses. For December that was the weakest close since 10/6. Some 2024 crop contracts closed in positive territory.
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 the Misssissippi 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.
Dec 22 Corn closed at $6.75 3/4, down 5 1/4 cents, currently down 2 cents
Nearby Cash was $6.73 on Monday, down 4 7/8 cents,
Mar 23 Corn closed at $6.81 1/2, down 5 1/4 cents, currently down 2 cents
May 23 Corn closed at $6.82, down 4 3/4 cents, currently down 2 1/4 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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