Corn began the new week of trading with a fractionally mixed start, ending with a ¾ cent gain in March and a ¾ cent loss in Sep.
The daily reporting system had a 267,044 MT private corn sale to Mexico.
USDA reported 1.158 MMT of corn was shipped during the week that ended 11/30. That was a major increase from 409k MT last week and was 324k MT above the same week last year. USDA listed Mexico, China, and Colombia as the top destinations. After revising past reports higher, the export total for the season was up to 8.248 MMT – a 26.7% increase over last year’s pace.
Estimates into Friday’s December WASDE and Crop Production reports show analysts are looking for a 2.8 mbu tighter corn carryout for the U.S. and a 1.6 MMT tighter carryout for the world picture. Argentina is projected with a 300k MT lighter production and a 1.8 MMT lighter output for Brazil.
Canada reported the 2023 corn output at 15.08 MMT, compared to 14.54 LY and the 15 MMT average pre-report estimate. USDA’s WAOB is at 15.3 MMT as of the Nov WASDE.
StoneX figures Brazil’s first crop corn output at 26.45 MMT (from 26.77 previously), and their second crop production at 97.33 MMT (down from 98.96 MMT).
Dec 23 Corn closed at $4.60 1/4, down 4 1/4 cents,
Nearby Cash was $4.53 5/8, up 1 1/8 cents,
Mar 24 Corn closed at $4.85 1/2, up 3/4 cent,
May 24 Corn closed at $4.97, up 1/4 cent,
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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