The corn market fell by 1 ¾ to 5 ¼ cents to start the week. March futures saw a 7 ¾ cent range for the day, before closing 3c off the low.
The weekly Export Inspections data showed 711,733 MT of corn was shipped during the week that ended 12/07. That was below the 1.2 MMT last week, but compares to 517k MT during the same week last year. USDA had the season’s total at 9.18 MMT compared to 7.17 MMT at the same point last season. Milo exports were listed at 340k MT for the week, well above the 120k MT last week and the 4k during the same week last year. YTD milo shipments are 1.426 MMT compared to just 357k MT during the 22/23 season.
USDA’s monthly WASDE showed a 25 mbu increase for the U.S. corn export program. That came out of carryout, dropping it to 2.131 bbu. Global corn adjustments saw a 1.3 MMT increase to corn production (Russia and Ukraine both +1 MMT, Egypt +200k, Canada -200k MT) to 1.222 billion MT.
Mar 24 Corn closed at $4.81 1/2, down 4 cents,
Nearby Cash was $4.51 3/8, down 3 1/2 cents,
May 24 Corn closed at $4.94, down 3 1/2 cents,
Jul 24 Corn closed at $5.03 1/2, 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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