Corn Bulls Get Stuffed on Wednesday

Corn bulls were stuffed ahead of the Thanksgiving holiday, as the early morning strength failed to hold, with contracts closing anywhere from 1 to 1 ¾ cents lower. Futures will resume trading on Friday at 8:30 am CST.

USDA reported a private export sale announcement of 128,000 MT of corn sold to unknown destinations for 23/24 delivery. The trade estimates between 0.7 and 1.6 MMT in corn export sales during the week that ended on November 16. The Export Sales report will be released on Friday due to Thursday’s Holiday. 

EIA’s weekly update showed production during the week that ended on November 17 at 1.023 million barrels per day. That was a drop of 24,000 bpd on the week. Stocks were tallied at 21.652 million barrels, a jump of 698,000 barrels since the previous Friday and the highest since late September. A bulk of the build-up was in the Gulf (572,000 barrels) implying a run for exports.

A private feed group in Taiwan purchased 65,000 MT of corn in a tender on Wednesday, expected to be US origin. A South Korean group bought 65,000 MT with either US or South American origin expected. Agroconsult pegs the Brazilian corn crop for this year at 128.7 MMT, with the second crop 100 MMT of that. 

 

Dec 23 Corn  closed at $4.68 3/4, down 1 1/4 cents,

Nearby Cash   was $4.44, down 1/2 cent,

Mar 24 Corn  closed at $4.87 3/4, down 1 1/4 cents,

May 24 Corn  closed at $4.99, down 1 cent,

On the date of publication, Alan Brugler 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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