Monday’s corn trade ended just a penny off the low with front month losses of 2 to 2 ½ cents. The Dec ’23 contract stayed in a 6 ¾ cent range on Monday from +3 ½ to -3 ¼ cents. Dec ’24 futures were only fractionally red on Tuesday and remains a 33 cent premium to spot Dec.
The weekly Crop Progress report from NASS showed the 23/24 corn harvest advanced 12% points to 71% finished for the week ending 10/29. That compares to 74% finished last year and 66% on average.
USDA’s weekly Export Inspections data showed the 531,516 MT of corn was shipped during the week of 10/26. That was up from 450k MT during both last week and the same week last year. The season’s total reached 4.945 MMT (195 mbu), compared to 4.216 MMT (166 mbu) last season.
Argentina is seeing better rainfall, and 22% of the corn crop is now seeded there. The BAGE is sticking with a 7.3 million HA planted acreage figure.
Dec 23 Corn closed at $4.78 1/4, down 2 1/2 cents,
Nearby Cash was $4.50 1/2, down 2 5/8 cents,
Mar 24 Corn closed at $4.92 3/4, down 2 1/2 cents,
May 24 Corn closed at $5.01, down 2 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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