Corn Starting Tuesday with Weaker Trade
Corn price action is steady to 1 ¼ cents lower so far. Futures rounded out the Monday trade with contracts up 2 to 3 cents across most contracts, as futures firmed up into the close. Preliminary open interest was up 4,763 contracts on Monday, mostly in the March contract (4,449).
Export Inspections data showed 1.6 MMT (62.99 mbu) of corn shipped in the week that ended on October 2, which was an increase of 3.94% from the week prior and 68.74% above the same week last year. Mexico was the top destination of 457,117 MT, with 231,859 MT to Japan and 207,861 MT to Spain. Marketing year shipments have totaled 6.709 MMT (264.11 mbu), 56.06% larger yr/yr.
USDA’s Crop Progress report was not published due to the government shutdown. The trade was looking for corn harvest to near 29% complete as of Sunday, with conditions seen near 65% good/excellent (down 1% from last week).
Brazilian corn exports in September totaled 7.56 MMT according to the country’s trade data That was a 10.43% increase from August and 17.77% larger than last year.
Dec 25 Corn closed at $4.21 3/4, up 2 3/4 cents, currently unch
Mar 26 Corn closed at $4.38 1/4, up 2 1/2 cents, currently down 1 1/4 cents
May 26 Corn closed at $4.47 1/4, up 2 cents, currently down 1 1/4 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.