Corn Futures Fading through Monday

The corn market is dropping through the day session with futures 2c off their lows at midday. Front month prices are 6 ¼ to 7 ¼ cents in the red. 

USDA reported 856,597 MT of corn was exported during the week that ended 1/4. That was up from 570k MT the week prior and was more than double the 400k MT during the same week last year. Mexico, Japan, and Colombia were each shipped +100k MT. USDA listed the season’s total at 12.8 MMT, from 10 MMT last year. 

Wire sources have Tawain tendering for 65k MT. 

Brazilian December corn exports appear to have been 6.1 MMT, down just slightly from the 6.24 MMT in 2022 and breaking a multi-month string of record high monthly shipments. 

Mar 24 Corn  is at $4.53 1/2, down 7 1/4 cents,

Nearby Cash   is at $4.26 1/2, down 7 1/8 cents,

May 24 Corn  is at $4.65 3/4, down 7 1/2 cents,

Jul 24 Corn  is at $4.76, down 7 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.

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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