Corn Fades into Friday

Corn is trading with morning weakness of 1 ¾ to 3 cents so far for Friday. Corn futures rallied from their initial weakness on Thursday to close 3 ½ to 5 cents higher on the day. Dec futures printed a 12c range on the day.  Preliminary open interest showed short covering, dropping 7,430 contracts on the higher price action. 

The weekly FAS data showed 1.81 MMT of corn (~71 million bushels) was booked during the week that ended 11/9. That was a 6-wk high and was above pre-report estimates. Mexico was the top buyer with 1.06 MMT, including 703k MT previously announced. The full year commitments are now at 21.1 MMT (830 mbu) and are 33% ahead of last year’s depressed pace. 

AgRural reported the 1st crop Brazilian corn planting reached 76% complete in the C-S region, that is 10ppts more through the week and is faster than the 70% last year. Refinitiv lowered their forecast for Brazilian corn production by 3% to 121.3 MMT – citing delayed 1st crop planting. 

Dec 23 Corn  closed at $4.74 3/4, up 4 cents, currently down 3 cents

Nearby Cash   was $4.48 1/2, up 3 7/8 cents,

Mar 24 Corn  closed at $4.93 1/4, up 4 3/4 cents, currently down 2 3/4 cents

May 24 Corn  closed at $5.03 1/2, up 5 cents, currently down 2 1/2 cents

 

More Corn News from Barchart

• Cotton Off Lows for Midday
• Wheat Pushing Lower on Ukrainian Insurance News
• Red Bean Market on Wednesday
• Corn Down Despite Japanese Purchase

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.