Overnight trading has the corn board setting 1 1/2 to 2 1/2 cents in the red so far for early Tuesday. On Monday, futures were mixed and within a penny of UNCH. Dec did end higher, which reduced carry to March to 2 1/2 cents. March is now a 1 1/2 premium to May, with July another 5 1/4 cents below May.
Corn spec traders were 170,767 contracts net long on 11/22 per CFTC (that was a 6k contract weaker net long for the week. Commercial corn hedgers also closed positions, with 86.8k fewer contracts (6.4% of their OI) in play.
Weekly Inspections data showed 302,350 MT of corn was shipped during the week that ended 11/24. That was down from 499k MT last week and was well below the 806k MT from the same week last year. Mexico was the top destination for the week with 1/2 of the total, followed by China with 69.8k MT. USDA has exports YTD at 5.808 MMT. Last year’s weekly data had 8.633 MMT shipped through 11/24.
Ukraine’s Ag Ministry reported corn shipments reached 9.1 MMT since 7/1, up by 66% from last year’s pace. Slow inspections at Istanbul after departure from the ports continue to frustrate shippers.
Dec 22 Corn closed at $6.68 3/4, up 3/4 cent, currently down 1 1/2 cents
Nearby Cash was $6.75 ½ on Monday, down 1 cent,
Mar 23 Corn closed at $6.71 1/4, down 0 cent, currently down 1 3/4 cents
May 23 Corn closed at $6.69 3/4, down 1/4 cent, currently down 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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