Corn prices were mostly higher overnight into the USDA’s report day. The Thursday corn session closed with a penny to 1 1/2 cent gains. New crop prices were fractionally to 2 cents weaker on the day.
Weekly corn bookings were 691,556 MT for the week that ended 12/1. That was up 14% from last week but was down 39% from the same week last year. There were no new crop bookings reported. The week’s top buyer was Mexico, and included a previously announced 114k MT sale. China also booked 204k MT during the week – though 189k of it was switched from unknown. Accumulated commitments were 19.04 MMT as of 12/1. That remains 48% behind last year’s pace. USDA has a 13% lag already programed into the November WASDE’s forecast.
Brazil’s CONAB reduced their corn production forecast by 0.57 MMT to 125.83 MMT.
Going into Friday’s USDA reports, the trade is looking for a U.S. corn carryout of between 1.170 and 1.350 bbu. Those surveyed were leaning toward a 56 mbu vs. from the November WASDE. Pre-report surveys don’t expect much change in the world ending stocks, with the average estimate of 301 MMT up just 200,000 from November.
Dec 22 Corn closed at $6.32, up 4 1/4 cents, currently up 4 3/4 cents
Nearby Cash was $6.48 1/8, up 1 1/4 cents,
Mar 23 Corn closed at $6.42 1/2, up 1 1/4 cents, currently up 4 1/4 cents
May 23 Corn closed at $6.44 1/4, up 1 1/2 cents, currently up 4 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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