Corn Fractionally Weaker for Day Session

Current corn prices are again back to their start into Tuesday with the board sitting less than a penny in the red. The overnight action saw trade as low as -2 and as high as +2 ¼ cents for March. 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. There were 532 delivery notices overnight against December corn futures. The oldest long is now dated 11/30/23.  ADM did stop 167 of those for the house account. 

USDA reported 1.158 MMT of corn was shipped during the week that ended 11/30. After revising past reports higher, the export total for the season was up to 8.248 MMT (331.8 mbu) – a 26.7% improvement vs. last year’s pace. 

Trader estimates ahead of Friday’s December WASDE and Crop Production reports show analysts are looking for a miniscule change, seeing 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 is seen for Brazil. 

Stats 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 was at 15.3 MMT as of the Nov WASDE, suggesting a small reduction on Friday. 

Brokerage firm 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, currently up 3/4 cent

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, currently down 1/4 cent

May 24 Corn  closed at $4.97, up 1/4 cent, currently down 1/4 cent