
Following the drop out of the USDA reports yesterday, Thursday’s midday shows corn prices 10 1/2 to 11 cents in the red so far. New crop futures are down 3 to 5 1/2 cents as well.
FAS data showed corn bookings were 457,675 MT for the week that ended 1/6. That was below the pre report expectations and just 31% of the same week last year. Corn sales from the prior week were even weaker at 256k MT due in part to the year end holiday. Corn shipments from the weekly report were 1.012 MMT. That was a 3-week high but still 31% below the same week a year ago. Accumulated shipments on the weekly data totaled 15.665 MMT (616.7 mbu). That is 25% of the updated USDA forecast, with the 1.6 bbu of commitments at 67%.
USDA’s weekly report showed milo bookings were 20,870 MT for the week of 1/6. Accumulated sorghum commitments are 5.329 MMT.
The monthly, quarterly, and yearly reports released yesterday showed December 1st corn stocks were 11.647 bbu, off 15.115 billion bushels of production. Implied use was 4.703 bbu for Q1, with the full year usage forecasted at 14.835 bbu. That would leave carryout at 1.54 bbu on a 10.4% stocks to use ratio.
Mar 22 Corn is at $5.88, down 11 cents,
Nearby Cash is at $5.75 5/8, down 11 1/4 cents,
May 22 Corn is at $5.90 1/4, down 10 1/2 cents,
Dec 22 Corn is at $5.55 1/4, down 3 cents,
New Crop Cash is at $5.37 3/8, down 4 1/8 cents,