Double Digit Losses for Corn

Following the reports on Wednesday, corn futures traded weaker with double digit losses in old crop. For March the 11 1/2 cent loss brough price back to the Jan 3rd lows. New crop prices ended the day with fractional to 3 3/4 cent losses. Before fading, new crop Dec was within 2 1/2 cents of the LOC high. 

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. 

Mar 22 Corn  closed at $5.87 1/2, down 11 1/2 cents,

Nearby Cash  was $5.74 1/8, down 11 5/8 cents,

May 22 Corn  closed at $5.89 1/2, down 11 1/4 cents,

Dec 22 Corn  closed at $5.57 3/4, down 1/2 cent,

New Crop Cash  was $5.39 1/4, down 2 1/4 cents,