Corn futures worked almost exclusively in the black overnight bouncing within ~6 cent ranges across the board. December is now 4 cents higher into the day session. 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 yesterday morning. However, Mexico’s president also reiterated that the government there will not buy US yellow GMO corn for 2023/24, seeking non-GMO corn and hoping to originate it within Mexico. 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
Â
Dec 22 Corn  closed at $6.53 1/4, down 11 1/4 cents, currently up 4 cents
Nearby Cash  was $6.51 3/8 on Thursday, down 11 3/8 cents,
Mar 23 Corn  closed at $6.59 1/2, down 11 cents, currently up 3 3/4 cents
May 23 Corn  closed at $6.59 1/2, down 11 cents, currently up 4 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.
/AI%20(artificial%20intelligence)/AI%20engineer%20working%20on%20laptop%20by%20ART%20STOCK%20CREATIVE%20via%20Shutterstock.jpg)
/Nike%2C%20Inc_%20swish%20by-%20Tartezy%20via%20Shutterstock.jpg)