Corn Futures Red through Midday

After an attempted overnight rally, the corn market resumed the trip southbound. Having given all 2-4 cent overnight gains back, midday quotes are down by 2 3/4 to 4 3/4 cents. 

Census data confirmed 2.427 MMT, or 95.55 mbu, of corn was exported during the month of November. That was up 17% from October, but again nearly half of the same month last year. MYTD shipments for the Q1 reached 280.9 mbu – 13.5% of the USDA full year forecast. Census also had 728k MT of DDGS exports and 81.441m gallons of for ethanol during November. 

EIA data showed weekly ethanol production averaged 844k barrels per day during the week that ended 12/30. That was a weekly decline of 119k barrels per day. Stocks were down by 192k barrels to 24.444 million. 

Data from the Argentine Ag Ministry had farmer sales for old crop corn (21/22) at 75.7% as of 1/4. That is near last year’s selling pace. 

Yearly export data from Brazil showed the 2022 corn shipments totaled 43.17 MMT, compared to 20.6 MMT from 2021. 

Mar 23 Corn  is at $6.50 3/4, down 3 cents,

Nearby Cash   is at $6.53 7/8, down 3 cents,

May 23 Corn  is at $6.50 3/4, down 3 1/4 cents,

Jul 23 Corn  is at $6.45, down 4 1/4 cents,