Corn Working Lower through Midday

So far through Tuesday the corn market is working 2 3/4 to 5 1/4 cents lower. 

Monthly export data from Census confirmed the December corn export was 3.69 MMT or 145.4 mbu. That set the MYTD pace at 426.23 mbu officially through the first 4 months. DDGS shipments were reported at 887,433 MT, a 22% increase from November but a 5% lower volume yr/yr. Ethanol exports were down 38% from December ’21 and were 9% lower mo/mo with 74.16m gallons shipped. 

StatsCan data showed 11.862 MMT of corn stocks for their December count. That was up from 11.530 MMT after last season’s drought. 

Brazil’s AgRural reported the 2nd crop corn planting at 12% finished for the Center-South region as of 2/02. That compares to 24% for the same region and same time last year. 

Ahead of the monthly S&Ds from USDA, the trade is looking for a 3.5 MMT cut to the Argentina corn crop and a 300k MT boost for Brazil. Total global carryout is expected to be 1.5 MMT lighter at 294.5 MMT. 

Mar 23 Corn  is at $6.76, down 3 cents,

Nearby Cash   is at $6.80 5/8, down 3 cents,

May 23 Corn  is at $6.74 1/2, down 3 1/4 cents,

Jul 23 Corn  is at $6.64, down 4 cents,