Corn price action is fractionally to a penny higher so far on Tuesday. Futures found weaker trade on Monday as traders were squaring up ahead of a Tuesday USDA report. Contracts were down fractionally to 2 cents. Preliminary open interest slipped back 2,257 contracts. The CmdtyView national average Cash Corn price was down 1 1/4 cents at $3.98 1/4.
Export Inspections data showed corn at 1.453 MT (57.2 mbu) shipped in the week that ended on December 4. That was a drop of 10.89% from the week prior but up 36% from same week last year. Mexico was the top destination of 520,691 MT, with 310,828 MT to Japan and 81,209 MT to Taiwan. Marketing year shipments have totaled 20.63 MMT (812.2 mbu), a 69.36% increase yr/yr.
USDA’s catchup report for Export Sales data on Monday showed just 979,525 MT of corn sold in the week ending on November 6. That was a marketing year low.
The monthly WASDE report will be out on Tuesday, with analysts surveyed by Bloomberg looking for 2.145 bbu of US corn ending stocks, a 9 mbu drop from the November report if realized.
A South Korean importer 132,000 MT of corn in a tender overnight, with no origin announced.
Dec 25 Corn closed at $4.36 1/4, down 1/2 cent, currently up 3/4 cent
Nearby Cash was $3.98 1/4, down 1 1/4 cents,
Mar 26 Corn closed at $4.43 3/4, down 1 cent, currently up 1 cent
May 26 Corn closed at $4.51 1/4, down 1 cent, currently up 3/4 cent
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
