Corn futures are falling another 3 ¼ to 4 ½ cents through Tuesday’s midday. That has the March contract working back near the $5 mark, and the Dec contract at a 23c loss in 3 sessions.
Weekly NASS data showed the national corn harvest advanced 14% points to 59% complete. That is 5% points ahead of the 5-yr average.
USDA’s weekly Export Inspections data showed 437k MT (17.2 mbu) of corn was shipped during the week that ended 10/19. The season’s total shipment was 4.402 MMT (173 mbu.
The Ukrainian Ag Ministry reported 39.2 MMT of grain harvest as of 10/20, including 9.3 MMT of corn (+144% yr/yr). Private consultancy firm APK-Inform expects Ukraine’s total corn harvest will reach 24.8 MMT, an 800k MT cut from their prior figure. They have corn exports estimated at 13 MMT for the year.
Dec 23 Corn is at $4.86, down 4 1/4 cents,
Nearby Cash is at $4.56 1/2, down 4 1/4 cents,
Mar 24 Corn is at $5.00 1/4, down 3 3/4 cents,
May 24 Corn is at $5.08 1/4, down 3 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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