The AM corn futures are working 1 ¾ to 2 ½ cents weaker after March traded from -2 ¼ to +¾ cents overnight. Corn began the new week like it ended the old week, with 3 ¼ to 4 ½ cent losses at the close. A strong day for the US dollar created a headwind for commodity prices. Dalian Corn Prices in China were another 16 to 22 yuan weaker on Wednesday after a turnaround Tuesday bounce. That has the March contract at a net 33 yuan loss for the week at 2,339.
USDA announced a private 126.7k MT corn sale to Mexico on Tuesday as traders there took advantage of the price drop to new lows for the year on Friday. USDA weekly Export Inspections as released were 875,621 MT. That was down from an upwardly revised total of 1.092 MMT from last week. Year ago volume was 779,788 MT.
Brazil’s AgRural reported 1st crop corn harvest at 5.1% finished with 2nd crop planting at 0.4%. Their production estimate for combined first and second crop corn output in 2024 is 114.1 MMT. Consultant Cordonnier dropped his estimate for Brazil to 115 MMT from 117 MMT. USDA is at 127 MMT, with CONAB at 117.6. The discrepancies are almost entirely in expectations for the winter crop, for which planting has just begun. The Rosario Grain Exchange sees Argentine production at 59 MMT, and potentially 60 MMT. USDA is at 55 MMT, also a record crop.
Mar 24 Corn closed at $4.43 1/2, down 3 1/2 cents, currently down 1 3/4 cents
Nearby Cash was $4.19 5/8, down 2 7/8 cents,
May 24 Corn closed at $4.55 1/4, down 3 3/4 cents, currently down 2 1/4 cents
Jul 24 Corn closed at $4.64, down 4 1/4 cents, currently down 2 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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