The CBT has corn futures 2 to 3 cents higher in overnight trading. Futures closed Monday’s session with small gains after bouncing on either side of UNCH early. Contracts were up 1 to 2 ½ cents on the day. Short covering was noted, with preliminary open interest dropping 3,765 contracts.
USDA reported flash Export Sales of 104,000 MT of corn to Mexico for 23/24 delivery Monday morning.
Export Inspections data from Monday showed 553,899 MT (21.8 mbu) of corn shipped during the week ending November 16. That was a 21.7% drop from last week’s revised (98,564 MT higher) total but was a 10.99% increase versus the same. week last year. Much of that was to Mexico, with 334,278 MT in shipments. YTD US corn shipments since September 1 totaled 6.81 MMT (268.23 mbu) to all destinations, which is a 24% increase compared to the slow pace a year ago.
USDA’s Crop Progress data showed the US corn harvest at 93% complete as of November 19, 2% ahead of the average pace. ECB producers continue to struggle with a crop that refuses to dry out. AgRural reported that the first crop corn planting in the Central-South region of Brazil was 80% complete as of last Thursday. That’s close to last year’s 82% rate.
Dec 23 Corn closed at $4.69 1/2, up 2 1/2 cents, currently up 3 cents
Close Cash was $4.43 3/8, up 2 1/2 cents,
Mar 24 Corn closed at $4.87 1/2, up 2 1/4 cents, currently up 3 cents
24 May Corn closed at $4.97 3/4, up 1 3/4 cents, currently up 2 3/4 cents
As of the date of publication, Alan Brugler 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 for informational purposes only. For more information, please see Barchart’s Disclosure Policy here.
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