The corn market is backing off by 3 to 4 ¼ cents so far through the Wednesday session. Futures are still within yesterday’s range. Technicians are watching $4.77 for March corn, a trendline from 7/24 and 10/20 that was spiked yesterday.
China continues to make steps toward adopting GMO corn and soybeans. In a recent announcement the Ministry of Ag and Rural Affairs listed 26 seed companies that may produce and sell seeds in China. Note: all 26 listed companies are Chinese domestic.
USDA’s weekly Export Inspections data showed 1.08 MMT (42.58 mbu) of corn was exported during the week that ended 12/21. Mexico and Colombia were the top destinations with over 200k MT each. The season’s total export was up to 11.235 MMT (442 mbu). That compares to 351 mbu last year, but trails the 483 mbu 5-yr average total.
Mar 24 Corn is at $4.75 3/4, down 4 1/2 cents,
Nearby Cash is at $4.48 1/2, down 4 1/2 cents,
May 24 Corn is at $4.88, down 4 1/4 cents,
Jul 24 Corn is at $4.97 1/2, down 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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