At the start of the day session, corn futures rallied back from overnight weakness. At midday the board is back to the starting levels, with fractional to 4 1/4 cent losses. At the high, Dec corn got back up to $6.62.
USDA’s weekly Export Inspections data showed 484,001 MT of corn was shipped during the week that ended 11/10. That was up 251k MT from last week but was under the 867k MT shipped during the same week last season. China was the week’s top buyer with 208k MT of the total – mostly via the Gulf with 65% of the exports leaving via the MS River. USDA listed the MY total shipment at 4.933 MMT as of 11/10, down 29.5% from last year’s pace.
Wire reports suggest South Korea’s KFA refused all offers for their 68k MT corn tender, but NOFI booked 69k MT of feed corn. The Ukraine’s Ag Ministry had 7.8 MMT of corn shipments through the 11/9. That was 149% above last year’s pace.
Dec 22 Corn is at $6.57 1/2, down 1/2 cent,
Nearby Cash is at $6.56 1/8, down 1/2 cent,
Mar 23 Corn is at $6.60, down 3 cents,
May 23 Corn is at $6.59 1/4, down 3 1/2 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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