Corn Weaker on MY Low in Shipments

Corn futures closed out the Monday session with contracts down 1 ¾ to 7 ¾ cents lower across the board. Weakness in the wheat complex was not helpful and pressured things as well. 

The Monday morning Export Inspections report showed 406,680 MT (16.01 mbu) of corn shipped during the week ending on November 23. That was 30.49% higher compared to the same week last year, but down 32.34% from the week prior and a marketing year low. Total shipments this MY have totaled 7.267 MMT (286.12 mbu), a 25% increase over the same period last year. Inspections of sorghum totaled 280,532 MT, with 279,262 MT of that headed to China. 

A delayed Commitment of Traders report showed spec funds in corn futures and options adding another 22,016 contracts to their net short position at 185,502 contracts as of last Tuesday. That is the largest since June 2020. Commercials, meanwhile, took their net short to just 24,064 contracts, a 10,109 contract reduction. 

The final Crop Progress report of 2023 showed corn harvest pretty much wrapped up, at 96% complete by Sunday, 1% faster than normal for the last week of November. AgRural pegged Brazil’s first corn crop at 83% planted in the center south region as of last Thursday, which lags last year’s 88% pace.  

Dec 23 Corn  closed at $4.55 1/2, down 7 3/4 cents,

Nearby Cash   was $4.31 1/1, down 7 7/8 cents,

Mar 24 Corn  closed at $4.75 1/4, down 7 1/4 cents,

May 24 Corn  closed at $4.86 3/4, down 7 3/4 cents,