AM corn prices are trading back up by ¾ of a cent to 1 ¼ cents so far this morning. Corn futures fell by 4 ¾ to 5 ¾ cents to start the week. March prices ended the session 3c off the low for the day. The new crop to old crop carry widened to a 34 ¼ cent difference from Mar to Dec.
USDA reported 856,597 MT of corn was exported during the week that ended 1/4. That was up from 570k MT the week prior and was more than double the 400k MT during the same week last year. Mexico, Japan, and Colombia were each shipped +100k MT. USDA listed the season’s total at 12.8 MMT, from 10 MMT last year.
Pre-WASDE report forecasts show the trade is looking for between a 180 mbu cut and a 122 mbu increase for corn carryout. The average trade guess is to see a 37 mbu cut to 2.094 mbu in the Jan 12 release. USDA has tweaked the corn production figure in the Jan report for all but 2 of the reports since 1991, with traders on average expecting a 166 mbu cut this go-around. That comes via an expected harvested acre trim to 87 million flat and a 0.2 bpa yield hit to 174.7 bpa on average. The full range of estimates is from 15.068 bbu to 15.364 bbu from the 15.234 in Dec.
Mar 24 Corn closed at $4.55, down 5 3/4 cents, currently up 1 1/4 cents
Nearby Cash was $4.28 3/8, down 5 3/8 cents,
May 24 Corn closed at $4.67 1/2, down 5 3/4 cents, currently up 1 1/4 cents
Jul 24 Corn closed at $4.78, down 5 3/4 cents, currently up 1 cent
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