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Corn Slips on Tuesday, with Spillover PressureCorn futures held up on Tuesday despite double digit losses across the bean and wheat markets and a stronger US dollar. An export sale may have helped the bulls out, with contracts limiting losses to 1 ¼ to 3 ¼ cents. The national average Cash Corn price from cmdtyView was down 3/4 cent at $4.04 1/2 per bu. USDA reported a private export sale of 110,500 MT of corn to Mexico for 2024/25 delivery this morning. Crop Progress data, in their last update for corn on the year showed the crop at 95% harvested as of 11/10, well above the 84% average pace for this point in the year. The weekly Export Inspections report from FGIS showed 793,012 MT (31.22 mbu) of corn exported in the week of November 7. That was down from the week prior’s total by 0.58%, but up 10.35% from the same week last year. Of that total, 393,104 MT was shipped to Mexico, with 136,377 MT to Columbia. Marketing year shipments are at 8.235 MMT (324.2 mbu), which is now 31.32% above the same period last year. ANEC projected the Brazilian corn exports to total 5.38 MMT in November, which is a 0.61 MMT increase from last week’s estimate. Dec 24 Corn closed at $4.28 1/2, down 1 1/2 cents, Nearby Cash was $4.04 1/2, down 3/4 cent, Mar 25 Corn closed at $4.40 1/4, down 2 1/2 cents, May 25 Corn closed at $4.47 1/4, down 2 1/2 cents, On the date of publication, Austin Schroeder 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. |
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