Wednesday’s trade led prices to 3c losses and to 5c gains, but futures are sitting fractionally mixed at midday.
USDA announced a private 126.7k MT corn sale to Mexico on Tuesday as traders there took advantage of the price drop to new lows for the year on Friday. USDA weekly Export Inspections as released were 875,621 MT. That was down from an upwardly revised total of 1.092 MMT from last week. Year ago volume was 779,788 MT.
The European Commission had corn imports at 9.52 MMT for the season through Jan 14. That is 42% behind last year’s pace. FranceAgriMer revised their corn export figure 40k MT lower to 4.15 MMT, with carryout for France upped to 2.2 MMT.
Brazilian firm Tres Tentos announced a new ethanol plant in Mato Grosso.
Brazil’s AgRural reported 1st crop corn harvest at 5.1% finished with 2nd crop planting at 0.4%. Their production estimate for combined first and second crop corn output in 2024 is 114.1 MMT. Consultant Cordonnier dropped his estimate for Brazil to 115 MMT from 117 MMT. USDA is at 127 MMT, with CONAB at 117.6. The discrepancies are almost entirely in expectations for the winter crop, for which planting has just begun. The Rosario Grain Exchange sees Argentine production at 59 MMT, and potentially 60 MMT. USDA is at 55 MMT, also a record crop.
Mar 24 Corn is at $4.43 3/4, up 1/4 cent,
Nearby Cash is at $4.19 1/8, up 1/2 cent,
May 24 Corn is at $4.55, down 1/4 cent,
Jul 24 Corn is at $4.63 1/2, down 1/2 cent,
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