Corn futures faded the Thursday session with double digit losses and closed near the low. December dropped the most on an 11 1/4 cent pullback to lows not seen since mid/late August. Â
USDA announced a private export sale of 209,931 MT of corn to Mexico this morning.Â
Weekly FAS data had 265k MT of corn bookings for the week that ended 11/3. That was below the range of estimates and down 75% from the same week last year. Mexico and Canada were the top buyers for the week. Accumulated corn commitments were 14.73 MMT (580 mbu) as of 11/3. That is 27% of USDA’s forecasted total for the season.Â
Argentina raised their 2023 corn export quota by 100% to 20 MMT for the 2023 crop.Â
Yesterday’s monthly reports raised the national corn yield by 0.4 bpa to 172.3 bpa. At the state level, NASS had IL up 5 bpa to a record 215, IA up by 2 to 202, IN up by 4 to a 191 bpa state yield, MN 1 higher also to 191, while NE and OH were each reduced to 168 and 186 bpa respectively.  On net, that left production at 13.930 bbu, compared the 13.888 bbu trade average guess. Globally, USDA made no change to SoAm with a 126 MMT Brazilian crop and a 55 MMT Argentine crop. CONAB reported their corn output projection at 126.4 MMT for Brazil – down from 126.94 last month.Â
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Dec 22 Corn  closed at $6.53 1/4, down 11 1/4 cents,
Nearby Cash  was $6.51 3/8, down 11 3/8 cents,
Mar 23 Corn  closed at $6.59 1/2, down 11 cents,
May 23 Corn  closed at $6.59 1/2, down 11 cents,
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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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