The overnight action in the corn market saw futures holding near unchanged, with selling coming in to show losses of 2  to 2 ½ cents. Corn 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.

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. A couple different tender by South Korean importers saw purchases of between 133,000 and 138,000 MT overnight, with no origins listed.

Dec 24 Corn  closed at $4.28 1/2, down 1 1/2 cents, currently down 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, currently down 2 1/4 cents

May 25 Corn  closed at $4.47 1/4, down 2 1/2 cents, currently down 2 1/4 cents