Corn futures worked lower to start the Thanksgiving holiday week. Markets will close as usual on Wednesday and open at 8:30 central on Friday, from there Dec options expire on the shortened session. Closing the first trade day of the week, losses were limited to 8 1/4 cents with Dec leading the way lower. New crop Dec dropped by 3 1/4 cents which tightened the spread to 52 1/4 cents.
NASS reported 96% of the corn crop was harvested, a weekly progress of 3% points. The 5-yr average pace would be 90% done by 11/20. The report had milo 6% points ahead of average with 97% out as of 11/20.Â
Weekly Export Inspections data showed 495,395 MT of corn was shipped during the week that ended 11/17. That was down from 535k MT last week and from 826k MT during the same week last year. The majority of the corn left via the MS River (66%). China and Mexico were the top destinations each with over 150k MT. USDA had the season total at 5.48 MMT through 11/17, trailing last year by 2.35 MMT.Â
Russia’s IKAR expects 2.5 MMT of corn will be shipped during the 22/23 campaign.Â
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.Â
Dec 22 Corn  closed at $6.59 1/2, down 8 1/4 cents,
Nearby Cash  was $6.66 1/4, down 7 1/2 cents,
Mar 23 Corn  closed at $6.63 1/2, down 6 1/2 cents,
May 23 Corn  closed at $6.62 1/2, down 5 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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