Corn futures closed near the top of their day’s range on the first trade day of the week. For March, that was a dime increase on the day, taking the price back above last week’s high. The other front months closed 4 to 8 3/4 cents in the black on Monday.
USDA’s weekly Inspections report showed 505k MT of corn was exported during the week that ended 12/08. That was down from 824k MT last week and was 46% below the same week last year. USDA also added 300k MT of late reported exports to previous reports, bringing the total to 7.147 MMT. That is still down 3.2 MMT yr/yr.
The domestic corn balance sheet was mostly left alone in USDA’s December WASDE – save for a mostly anticipated 75 mbu export trim and a 10 cent reduced cash average price ($6.70/bu). Exports are now forecasted at 2.075 bbu, down 396 mbu (16%) from last year.
Dec 22 Corn closed at $6.41 1/4, up 6 1/2 cents,
Nearby Cash was $6.59 1/2, up 9 1/8 cents,
Mar 23 Corn closed at $6.54, up 10 cents,
May 23 Corn closed at $6.54, up 8 3/4 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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