Corn is trading with futures fractionally to 2 ½ cents in the red for the new week. Dec prices stayed under the $5 mark overnight, having gained just 1 ½ cents to the session’s top end.
NOAA’s updated 7-day QPF shows heavy rainfalls of +3” from N.W. Michigan through C. Texas.
USDA’s weekly Export Inspections data showed 437k MT (17.2 mbu) of corn was shipped during the week that ended 10/19. That was a 1.1 mbu lighter volume for the week and was 1.4 mbu under the same volume last year. The report showed the season’s total shipment was 4.402 MMT (173 mbu), compared to 3.77 MMT (148 mbu) last year.
The Ukrainian Ag Ministry reported 39.2 MMT of grain harvest as of 10/20, including 9.3 MMT of corn (+144% yr/yr).
The International Grains Council reduced their forecast for 23/24 corn output by 3 MMT to 1.219 billion MT. Carry-in was also reduced with few changes made on the usage side, for a 6 MMT lighter ending stocks.
Dec 23 Corn is at $4.93 1/4, down 2 1/4 cents,
Nearby Cash is at $4.64 1/1, down 2 1/4 cents,
Mar 24 Corn is at $5.07, down 2 cents,
May 24 Corn is at $5.14 3/4, down 1 3/4 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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