The CBT has corn futures 2 to 3 cents higher following overnight trade. Futures closed out the Monday session with slight gains after bouncing on either side of UNCH early on. Contracts were up 1 to 2 ½ cents on the day. Short covering was noted, with preliminary open interest dropping 3,765 contracts.
USDA reported a flash Export Sale announcement of 104,000 MT of corn to Mexico for 23/24 delivery on Monday morning.
Export Inspections data from Monday showed 553,899 MT (21.8 mbu) of corn shipped during the week that ended on November 16. That was a 21.7% drop from last week’s revised (98,564 MT higher) total but was a 10.99% increase vs. the same week last year. A large chunk of that was to Mexico, with 334,278 MT in shipments. YTD US corn shipments since September 1 have totaled 6.81 MMT (268.23 mbu) to all destinations, which is a 24% increase compared to the slow pace a year ago.
Crop Progress data from USDA showed the US corn harvest at 93% complete as of November 19, 2% ahead of the average pace. ECB producers continue to struggle with a crop that refuses to dry down. AgRural reported first crop corn planting in the Center-South region of Brazil was 80% complete as of last Thursday. That is near the 82% pace from last year.
Dec 23 Corn closed at $4.69 1/2, up 2 1/2 cents, currently up 3 cents
Nearby Cash was $4.43 3/8, up 2 1/2 cents,
Mar 24 Corn closed at $4.87 1/2, up 2 1/4 cents, currently up 3 cents
May 24 Corn closed at $4.97 3/4, up 1 3/4 cents, currently up 2 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.
/AI%20(artificial%20intelligence)/3D%20Graphics%20Concept%20Big%20Data%20Center%20by%20Gorodenkoff%20via%20Shutterstock.jpg)