Corn is fractionally to a penny in the red so far for early Tuesday trade. Overnight action brought mostly one directional trade to 3 3/4 cent losses at the low. Yesterday, futures peaked after 10 AM CST and leaked lower the rest of the day, ending the day fractionally to 1 3/4 cents in the red. March was up by 3 earlier in the session, completing the day with a 6 3/4 cent range.
Analyst estimates for December 1 corn stocks range from 10.737 bbu to 11.973 bbu. The average of estimates is 11.173 bbu, which would be 468 mbu tighter yr/yr – but on a 1.138 bbu lighter production. Q1 demand is implied at 4.134 bbu – disregarding production changes and/or imports.
Weekly USDA Inspections data showed 397,585 MT of corn was shipped for export during the week that ended 1/05. That was down from 683k MT last week and compares to 1.023 MMT from the same week last year. The bulk of the exports left via the interior as Mexico was the top destination. USDA also listed 138k MT via the PNW, with China as the destination for 138k MT. USDA had the accumulated corn exports at 9.998 MMT through 1/05, well behind last year’s 14.1 MMT pace.
Taiwan is in the market for 65k MT of corn to be sourced from the U.S., Brazil, Argentina, or South Africa.
Mar 23 Corn closed at $6.52 3/4, down 1 1/4 cents, currently down 3/4 cent
Nearby Cash was $6.57 3/8 on Monday, down 1/2 cent,
May 23 Corn closed at $6.53, down 1 cent, currently down 1 cent
Jul 23 Corn closed at $6.47 1/4, down 1 cents, currently down 1 1/2 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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