Corn Off Lows but Trading Red

Corn futures opened lower on Sunday night, and are off their lows but still down by 1 to 4 cents across the front months. Friday’s 4 to 5 cent gains in old crop left the board fractionally mixed for the week. New crop futures bounced 1 3/4 to 2 1/2 cents, ending with Dec ’23 as a net 1/4 cent gain for the week. 

USDA reported 1.85 MMT of corn was booked during the week of 11/17. That was near the low end of estimates and included 1.47 MMT of previously announced business to Mexico. Accumulated commitments are now at 17.75 MMT with 5.4 MMT shipped to date, compared to the USDA’s 54.6 MMT November WASDE forecast. Mexico also bought 625k MT of new crop corn during the week, as the exclusive buyer. New crop 2023/24 forward sales sit at 939k MT compared to 564k MT at this time last year. 

The EU Commission reduced their corn production forecast by 1.6 MMT to 53.3 MMT citing the summer’s drought. French advisory firm Strategie Grains put their EU corn number at 52.9 MMT. USDA was 54.8 MMT in the November WASDE report. 

BAGE reported 23.8% of the Argentine corn crop was planted as of 11/23, down 6.2% yr/yr. Bolas Cereales cut their estimate for Argentine corn production to 50 MMT from 55 MMT.  

Dec 22 Corn  closed at $6.68, up 4 3/4 cents, currently down 3 cents

Nearby Cash   was $6.75 ¾ on Friday, up 4 1/4 cents, 

Mar 23 Corn  closed at $6.71 1/4, up 5 cents, currently down 3 1/2 cents

May 23 Corn  closed at $6.70, up 4 1/2 cents, currently down 2 1/2 cents