Corn ended the day off the lows, but still 5 to 7 ½ cents weaker as the market fell out of the extended weekend.
The monthly NASS report saw 454.987 mbu of corn used for ethanol production during November ’23. That was a 1% dip from October’s draw, but was 1% above Nov ’22. Pre-report estimates averaged for a 451 mbu corn pull. The season’s total reached 1.345 bbu for Q1. That is 58 mbu ahead of last year’s pace.
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 closed at $4.63 3/4, down 7 1/2 cents,
Nearby Cash was $4.36 5/8, down 7 7/8 cents,
May 24 Corn closed at $4.77, down 7 cents,
Jul 24 Corn closed at $4.87 3/4, down 6 1/4 cents,
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