The last trade day of the week is starting with corn prices 4-5c lower after overnight weakness. Preliminary OI data confirmed 5.8k fewer contracts were in play at the close yesterday, options however saw a surge of +22.3k contracts (+12.7k calls and +9.5k puts). The corn complex’s put/call ratio was had 1.297 calls to each put. The Thursday session ended with corn futures off their lows but still fractionally to 1 ¾ cents lower. March ended the session above the $4.50 mark after battling there for most of the session.
The weekly FAS data had corn bookings at 955k MT for the week of 1/18. That was within the range of estimates, but compared to 1.25 MMT last week and 910k MT during the same week last year. Corn commitments reached 32.5 MMT, and remain 8.5 MMT ahead of last year's pace. They are 61% of the full year WASDE estimate vs. the 5 year average of 63%.
USDA’s Ag Attache estimates China’s corn imports will total 20 MMT, compared to the 23 MMT import forecast via the official WASDE tables.
Brazil will see active rains across the northern 2/3 of the country over the next 10 days. This is being presented as delaying soybean harvest and thus second crop corn planting but will also mean more soil moisture for germination of said second crop. The most recent Argentine crop condition ratings have 41% of the crop good or excellent, down 5 points from last week on drier weather.
Mar 24 Corn closed at $4.51 3/4, down 1/2 cent, currently down 4 1/4 cents
Nearby Cash was $4.30 1/2, down 1/4 cent,
May 24 Corn closed at $4.61 1/4, down 1 1/4 cents, currently down 4 3/4 cents
Jul 24 Corn closed at $4.69 1/4, down 1 1/2 cents, currently down 4 1/4 cents
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