Corn Closed Monday Red

The first trade day of the week ended with futures fractionally to 4 1/2 cents lower. December stayed the firmest, and after a morning rally ultimately closed mid ranged. New crop December ended at $6.07 1/4, and got to within a nickel of the $6 mark at the overnight low. 

NASS reported 93% of the 22/23 corn crop was harvested as of 11/13. That was up by 6% points through the week with NC and TN joining TX in being complete. The 5-yr average pace would be 85% harvested by 11/13. 

CFTC’s Veteran’s Day delayed Commitment of Traders report showed the funds were 237,662 contracts net long in corn as of 11/8. That was a 34k contract weaker net long wk/wk, driven by 21k longs liquidated. The commercials added 23k long hedges through the week, with moderately lighter short hedges, for a 29.9k contract weaker net short of 460,174 contracts. 

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  closed at $6.57 1/4, down 3/4 cent,

Nearby Cash   was $6.57 1/2, down 1/8 cent,

Mar 23 Corn  closed at $6.59 1/4, down 3 3/4 cents,

May 23 Corn  closed at $6.58 1/2, down 4 1/4 cents,