Corn futures come into Friday morning unchanged to a penny lower, after a tight overnight range from +1 ½ to -1 ¾. Corn printed double digit gains on Thursday following the weekly FAS data release. This time the shorts were covering, with open interest dropping off 7,953 contracts on the rally. December closed the session 2.3% in the black and just 2 ½ cents under the $5 mark. Dec has been below the round number since early August.
The FAS data series showed 1.816 MMT of corn was booked during the week that ended 9/28. That was near the top end of pre-report estimates and included 1.28 MMT previously announced to Mexico. Mexico had also booked 611k MT of new crop corn during the week. That brough total 23/24 corn commitments to 14.38 MMT (566.3 mbu) for the season, up from 13 MMT at the same time last year.
Monthly Census data had August corn shipments at 2.547 MMT (100.3 mbu). That put the 12 month Census total at 1.657 bbu.
Reports on the wire suggest the heavy rainfall in Southern Brazil is leading to flood events, in some cases damaging the 1st crop corn and causing replanting for certain fields.
Dec 23 Corn closed at $4.97 1/2, up 11 1/2 cents, currently down 1 cent
Nearby Cash was $4.64 5/8, up 11 3/4 cents,
Mar 24 Corn closed at $5.12 1/4, up 11 1/4 cents, currently UNCH
May 24 Corn closed at $5.20 1/2, up 11 cents, currently UNCH
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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