After some early weakness through the morning trade, midday corn quotes are 3 to 9 1/2 cents in the black.
Brazil’s AgRural reported 1st crop corn harvest at 2.3% finished through 1/05, compared to 3.1% at the same point last year.
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 is at $6.61 3/4, up 9 cents,
Nearby Cash is at $6.65 3/8, up 8 cents,
May 23 Corn is at $6.61, up 8 cents,
Jul 23 Corn is at $6.54 1/4, up 7 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.
/Nvidia%20logo%20and%20sign%20on%20headquarters%20by%20Michael%20Vi%20via%20Shutterstock.jpg)
/Alphabet%20Inc_%20and%20Google%20logos%20by%20IgorGolovinov%20via%20Shutterstock.jpg)
/NVIDIA%20Corp%20logo%20on%20phone-by%20Evolf%20via%20Shutterstock.jpg)