The corn market is down by as much as 3% through Tuesday’s midday amid broad selling of energy instruments and grains in general. Chinese corn futures are also down about 7% for the year and their imports of Ukrainian corn since last July have gone over the 5 MMT mark.
USDA’s weekly Export Inspections report showed 51.71 mbu of corn was shipped during the week that ended 5/25. That was a 1% decline from last week’s export, and was 7% below the same week last year. China was the top destination with 467k MT of the total. The weekly report’s data showed 1.129 bbu of corn has been shipped for the season through 5/25.
Spring planting in the Ukraine has reached 5.3m HA as of 5/26, a 10% lower area than this time last year. That includes 3.6m HA of corn, a 16% decrease yr/yr. SovEcon expects the 2023/24 corn crop would be 23.1 MMT, down 300k on decreased area.
Brazil’s AgRural reported 2nd crop harvest was 0.8% finished in the Center-South region as of 5/25. That is slightly below the 1.2% pace last year. AgRural has the corn production forecast at 127.4 MMT, from 125.1 MMT prior estimate. Safras and Mercado also raised their outlook, up 710k MT from their prior estimate to 137 MMT.
Jul 23 Corn is at $5.95 1/4, down 8 3/4 cents,
Nearby Cash is at $6.28 5/8, down 9 1/8 cents,
Sep 23 Corn is at $5.14 1/4, down 14 3/4 cents,
Dec 23 Corn is at $5.19, down 15 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. For more information please view the Barchart Disclosure Policy here.
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