The midday corn prints are near the lows for the day with front month futures 3 ½ to 7 ¾ cents weaker.
The weekly Export Inspections report confirmed 901,958 MT (35.5 mbu) of corn was shipped during the week that ended 1/25. That was up 21% for the week and was 66% above the same week last year led by shipments to Mexico and Japan. USDA had the accumulated export total at 15.64 MMT (615 mbu) through Jan 25, which is 30% ahead of last year’s pace. Milo shipments for the week were shown at 63k MT for a yearly total of 2.7 MMT. Last year’s sorghum exports were just 500k MT at this time.
Safras and Mercado reported Brazil’s 1st crop corn harvest at 15.3% complete, compared to 12% last year and 10.2% on average. The second crop planting has reached 3.97m HA.
The BAGE raised their estimate for Argentine 2024 corn output by 1.5 MMT to 56.5 MMT. That crop is 97% planted. Condition ratings did decline in the most recent week due to warmer and drier weather.
Mar 24 Corn is at $4.38 3/4, down 7 1/2 cents,
Nearby Cash is at $4.17 5/8, down 7 1/2 cents,
May 24 Corn is at $4.49, down 6 3/4 cents,
Jul 24 Corn is at $4.57 3/4, down 5 3/4 cents,
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