So far for Friday the corn market is trading fractionally to 3 1/2 cents in the red. Futures had been higher earlier, but faded from a 5 1/4 cent gain for Dec.
China’s custom’s data showed 550k MT of corn was brought in during October – that was a 58% lower volume yr/yr. Through the calendar year, China has imported 27.5% less corn than 2021 at 19.01 MMT. Fertilizer import were 8.9% lower yr/yr for the month and trail 2021’s pace by 31% with 20.2 MMT.
The International Grains Council left their world corn production forecast at 1.166b MT. Trade was reduced by 2 MMT to 170 MMT. Estimated ending stocks were 1 lighter to 257 MMT.
Dec 22 Corn is at $6.66 1/4, down 1 1/4 cents,
Nearby Cash is at $6.72 7/8, up 1 1/8 cents,
Mar 23 Corn is at $6.68 1/4, down 3/4 cent,
May 23 Corn is at $6.66 1/4, down 1 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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