Corn Fades to Close Factionally Mixed
After futures gapped higher overnight and traded up by as much as a nickel, the market pulled back through the afternoon to close the gap and settle fractionally mixed but mostly lower. Dec ’24 prices ended the day with a ¾ cent gain. Dec ’23 futures expired at the close, priced at $4.56 ¾, a 22 ½ cent discount to the now (official) lead month March.
USDA’s weekly Export Sales data showed 1.418 MMT of corn was booked during the week that ended 12/07. That was at the top end of expectations and included 432k MT of previously announced business. Mexico, Unknown, and China each locked in over 100k MT of corn. FAS data had the season’s corn commitments at 27.166 MMT (1.07 bbu), which compares to 20 MMT (787 mbu) at the same time last year.
Ukraine’s Ag Ministry reported the season’s grain export pace at 14.7 MMT, including 7.4 MMT of corn. Last year saw nearly 20 MMT of grain shipments at this point, with 10.9 MMT of corn.
Brazil’s Anec projects the Dec corn export as 7.14 MMT, a 280k MT increase from their prior forecast.
Mar 24 Corn closed at $4.79 1/4, down 1/4 cent,
Nearby Cash was $4.50 1/8, up 3/8 cent,
May 24 Corn closed at $4.92, down 1/2 cent,
Jul 24 Corn closed at $5.01 1/2, down 1/4 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.
