Ahead of the USDA reports today, corn prices are mixed, down 1 ½ to up ½ cent overnight. On Tuesday, prices pulled back from early session gains and closed a penny to 1 1/2 cents higher. Old crop ended the day back above the $6/bu mark. New crop futures were fractionally higher at the bell.
Ukraine’s UkrAgroConsult bumped up their corn output estimate by 1.3 MMT to 40.5 MMT. Annual exports were assumed at 33.8 MMT, up from the 32.7 MMT prior forecast.
Brazil’s CONAB reduced their first crop corn figure by 4.3 MMT to 24.79 MMT. CONAB also trimmed their 2nd crop figure to 86.318 MMT. That put their combined total at 112.9 MMT vs. USDA at 118 MMT in December. Their average corn yield was cut 205 kg/HA to 5,391 (-3.27 bpa to 85.9 bpa).
Ahead of USDA’s Jan reports analysts are looking for a 1.8 MMT trim in Brazilian corn production and a 900k MT reduction for Argentina on average. World corn carryout is estimated at 303.6 MMT, which would be 2.1 MMT lower if realized. The average estimate for Dec 1 US Corn Stocks is 11.607 bbu.
Mar 22 Corn closed at $6.01, up 1 1/4 cents, down 1 ¼ this morning
Nearby Cash was $5.88 on Tuesday, up 1 1/4 cents,
May 22 Corn closed at $6.02 1/2, up 1 1/4 cents, down 1 ½ this morning
Dec 22 Corn closed at $5.57 ½ on Tuesday, up 1/2 cent, up ½ this morning
New Crop Cash was $5.41 1/1, up 2 3/4 cents,
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