Corn is trading another 1 ¼ to 2 cents lower early on Tuesday. The overnight action in March corn kept to a tight 2 ¾ cent range from -1 ½ to +1 ¼. Front month corn prices weakened on Monday 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. Preliminary open interest showed long liquidation in the March and May contracts. March got to within 15c 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.
China’s Custom’s data revealed 3.59 MMT of corn was imported during November. That was a new record for the month. Most of it was from Brazil and Ukraine. 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, currently down 1 1/4 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, currently down 1 1/4 cents
Jul 24 Corn closed at $4.99 1/2, down 5 1/4 cents, currently down 1 3/4 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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