Old crop corn futures led the way lower with losses of over a percent to start the week. New crop futures also faded through Monday, but ended the day 1 ½ to 2 ¾ cents weaker.
The weekly Export Inspections report confirmed 901,958 MT (35.5 mbu) of corn was shipped during the week that ended 1/25. That was up 21% for the week and was 66% above the same week last year led by shipments to Mexico and Japan. USDA had the accumulated export total at 15.64 MMT (615 mbu) through Jan 25, which is 30% ahead of last year’s pace. Milo shipments for the week were shown at 63k MT for a yearly total of 2.7 MMT. Last year’s sorghum exports were just 500k MT at this time.
Safras and Mercado reported Brazil’s 1st crop corn harvest at 15.3% complete, compared to 12% last year and 10.2% on average. The second crop planting has reached 3.97m HA.
The BAGE raised their estimate for Argentine 2024 corn output by 1.5 MMT to 56.5 MMT. That crop is 97% planted. Condition ratings did decline in the most recent week due to warmer and drier weather.
Mar 24 Corn closed at $4.40 1/4, down 6 cents,
Nearby Cash was $4.18 3/8, down 5 3/4 cents,
May 24 Corn closed at $4.50 1/2, down 5 1/4 cents,
Jul 24 Corn closed at $4.59 1/4, down 4 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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