Corn Firms Overnight After Steep Thursday Decline

Overnight corn trading has the board 1 to 2 cents higher heading into the final trade day of the week. On Thursday corn futures were lower, with double digit losses in old crop. For March the 11 1/2 cent loss brought price back to the Jan 3rd lows. New crop prices ended the day with fractional to 3 3/4 cent losses. New crop Dec was within 2 1/2 cents of the LOC high when it sold off. 

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. That reporting week did include the New Years holiday. Weekly corn shipments 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%. 

Mar 22 Corn  closed at $5.87 1/2, down 11 1/2 cents, up 1 ¾ this morning

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

May 22 Corn  closed at $5.89 1/2, down 11 1/4 cents, up 1 ¼ this morning

Dec 22 Corn  closed at $5.57 3/4, down 1/2 cent, up 1 ¾ this morning

New Crop Cash  was $5.39 ¼ on Thursday, down 2 1/4 cents,