Corn futures closed out the Monday session with contracts heading down ½ to 4 ½ cents across the board, led by the nearbys. The market was feeling a risk off mode across the commodities with $3.81/barrel losses in crude oil. The national average Cash Corn price from cmdtyView was down 4 1/4 cents at $3.78 1/4 per bu.
USDA reported private export sales this morning of 124,000 MT of corn to Japan, with an additional 120,000 MT sold to unknown destinations.
Weekly Crop Progress data showed 81% of the US corn crop was harvested as of October 27, which was 17 percentage points ahead of the 5-year average.
USDA’s Export Inspections report showed a total of 823,664 MT (32.43 mbu) of corn shipped in the week of October 24, which was down 17.73% from last week but 52.31% above the same week last year. Mexico was the top destination of 386,252 MT, with 235,441 MT headed to Columbia. Year to date exports are now 6.62 MMT (260.62 mbu), which is 33% above the same point last year.
AgRural estimates the Brazilian first corn crop has been 52% planted as of last Thursday.
Dec 24 Corn closed at $4.10 3/4, down 4 1/2 cents,
Nearby Cash was $3.78 1/4, down 4 1/4 cents,
Mar 25 Corn closed at $4.24 3/4, down 4 3/4 cents,
May 25 Corn closed at $4.33 1/4, down 4 cents,
On the date of publication, Austin Schroeder 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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