Corn Drops on Tuesday
Front month corn futures ended the session with 4 ½ to 6 ¼ cents in the red. December is now down 49 cents over the past 3 sessions.
Weekly NASS data showed the national corn harvest advanced 14% points to 59% complete. That is 5% points ahead of the 5-yr average.
USDA’s weekly Export Inspections data showed 437k MT (17.2 mbu) of corn was shipped during the week that ended 10/19. The season’s total shipment was 4.402 MMT (173 mbu.
The Ukrainian Ag Ministry reported 39.2 MMT of grain harvest as of 10/20, including 9.3 MMT of corn (+144% yr/yr). Private consultancy firm APK-Inform expects Ukraine’s total corn harvest will reach 24.8 MMT, an 800k MT cut from their prior figure. They have corn exports estimated at 13 MMT for the year.
Dec 23 Corn closed at $4.84, down 6 1/4 cents,
Nearby Cash was $4.54 3/8, down 6 3/8 cents,
Mar 24 Corn closed at $4.98, down 6 cents,
May 24 Corn closed at $5.06, down 6 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.
