Corn Closes Red on Tuesday
The front month corn market ended Tuesday’s session with 4 ¼ to 5 ¼ cent losses. That has the March contract at a net weekly drop of 10 ¼ cents and within 2 cents of the contract’s harvest low.
USDA’s weekly Export Inspections data showed 947,418 MT (37.3 mbu) of corn was shipped during the week that ended 12/14. That was a 31% increase for the week and a 15% larger volume than the same week last year. Mexico, China, Japan and Colombia each received more than 100k MT of the total. USDA had the season total export listed at 10.14 MMT (399 mbu), which remains 27% ahead of last year’s pace.
China’s Custom’s data revealed 3.59 MMT of corn was imported during November. That was a new record for the month. Most of it was from Brazil and Ukraine. China had also brought in 540k MT of milo during November – up 8.6% from Nov ’22. The year to date totals were listed at 22.2 MMT for corn (+12.3%) and 4.9 MMT for sorghum (-51%).
Mar 24 Corn closed at $4.72 3/4, down 4 1/4 cents,
Nearby Cash was $4.45 5/8, down 4 1/8 cents,
May 24 Corn closed at $4.85 1/4, down 4 1/4 cents,
Jul 24 Corn closed at $4.94 3/4, down 4 3/4 cents,
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.
