Front month corn prices weakened on the day with 3 ¾ to 6 cent losses. The March contract was just a penny and a half off the day’s low for the close. March got to within 20c of the Dec expiration gap at the low for the day.
USDA’s weekly Export Inspections data showed 947,418 MT (37.3 mbu) of corn was shipped during the week that ended 12/14. That was a 31% increase for the week and a 15% larger volume than the same week last year. Mexico, China, Japan and Colombia each received more than 100k MT of the total. USDA had the season total export listed at 10.14 MMT (399 mbu), which remains 27% ahead of last year’s pace.
Milo exports were shown at 270k MT for the week, nearly exclusively to China, for a season total of 1.7 MMT. That remains well ahead of the 361k MT shipped YTD last season.
China’s Custom’s data revealed 3.59 MMT of corn was imported during November. That was a new record for the month. China had also brought in 540k MT of milo during November – up 8.6% from Nov ’22. The year to date totals were listed at 22.2 MMT for corn (+12.3%) and 4.9 MMT for sorghum (-51%).
Mar 24 Corn closed at $4.77, down 6 cents,
Nearby Cash was $4.49 3/4, down 5 3/4 cents,
May 24 Corn closed at $4.89 1/2, down 5 3/4 cents,
Jul 24 Corn closed at $4.99 1/2, down 5 1/4 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.
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