Corn prices stayed in a ~6 cent range overnight but mostly one directionally. Into the day session the market is off the lows with 2 3/4 to 5 cent losses in the front months. Corn futures bounced ahead of the weekend with gains of 2 to 4 3/4 cents. Â That was short covering, with preliminary open interest dropping 1,027 contracts.Â
The Ukraine’s Ag Ministry had 7.8 MMT of corn shipments through the 11/9. That was 149% above last year’s (pre-war) pace.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
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Dec 22 Corn  closed at $6.58, up 4 3/4 cents, currently down 2 3/4 centsÂ
Nearby Cash  was $6.57 5/8 on Friday, up 5 1/4 cents,
Mar 23 Corn  closed at $6.63, up 3 1/2 cents, currently down 3 cents
May 23 Corn  closed at $6.62 3/4, up 3 1/4 cents, currently down 3 1/4 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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