Corn Futures Working Weaker for Tuesday

Corn is trading with 1 3/4 to 3 cent weakness so far this morning. It ended Monday 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 managed money spec 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. Total shipments since September 1 are 4.933 MMT through 11/10, down 29.5% from last year’s pace. 

Dec 22 Corn  closed at $6.57 1/4, down 3/4 cent, currently down 2 3/4 cents

Nearby Cash   was $6.57 ½ on Monday, down 1/8 cent,

Mar 23 Corn  closed at $6.59 1/4, down 3 3/4 cents, currently down 2 3/4 cents

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