Corn prices shot lower at the open alongside the other ag futures. Midday quotes have corn at the lows for the day with 1.3% to 1.8% losses of as much as 8 ¾ cents.
Chinese Dalian Corn Prices began their Tuesday session with a slight gap lower out of their 3-day weekend. OI diminished across their front months, and corn was a met 3-9 yuan/MT lower for the day from 2,394 to 2,428 across the front months. That was roughly a ¾ cent loss to a 3 ¼ cent loss from ~$8.57 to ~$8.70/bu at today’s exchange rate.
Pre-report estimates for November’s ethanol corn grind range with an average of 451 mbu. If realized that would be down 2.3% from October but slightly above the 450 mbu in Nov ’22.
USDA’s weekly Export Inspections data showed 569.7k MT (22.43 mbu) of corn was shipped during the week that ended 12/28. That was down from the 1.23 MMT the week prior, and was under the 683k MT during the same week last year. USDA also added 135.5k MT to past reports, taking the season’s total shipment to 11.95 MMT (470.5 mbu).
Private analyst StoneX estimates the Brazilian corn crop at 124.6 MMT, compared to their 126 MMT figure in December and USDA’s official Dec estimate for 129. South America received a lot of rain over the weekend, with totals for the both the Amazon and the border of Peru/Bolivia maxed out on chart’s color scale +135mm (5.3”). NOAA reported 50-115mm for the major growing areas in Brazil specifically Mato Grosso. The forecast for the upcoming week has +90mm (3 ½”) for the entire Central-Northeast of the country, with some 130mm spots in Goias and Minas Gerais. Southern Brazil is expected to miss out.
Mar 24 Corn is at $4.62 1/2, down 8 3/4 cents,
Nearby Cash is at $4.34 1/2, down 9 cents,
May 24 Corn is at $4.75 3/4, down 8 1/4 cents,
Jul 24 Corn is at $4.86 1/4, down 7 3/4 cents,
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