Corn Putting on a Friday Rally
The corn market is posting a midday Friday rally, with contracts up 3 to 4 cents as March is trying to creep back above $4.40. The national average Cash Corn price from cmdtyView is up 4 3/4 cents at $4.12.
Export Sales data has accumulated corn shipments at 11.384 MMT, 31% above a year ago and 19% of the USDA export projection, vs. the 16% average pace. Total commitments are 39% larger yr/yr at 34.191 MMT, which is 58% of USDA full year estimate, 8% above the normal pace.
October export data was released yesterday morning, with 4.05 MMT (159.4 mbu) of corn shipped according to Census. That was the largest total for the month since 2018 but down 5.39% from September. Distillers exports were a record for the month at 1.114 MMT, which was also up 10.1% from last month. Ethanol shipments totaled 143.45 million gallons, the second largest all time for the month and down 3.38% from last month.
Brazilian corn exports totaled 4.726 MMT during November according to the government’s data, which was well below October and down 36.2% from last year.
Dec 24 Corn is at $4.30, up 3 1/2 cents,
Nearby Cash is at $4.12, up 4 3/4 cents,
Mar 25 Corn is at $4.39 3/4, up 4 3/4 cents,
May 25 Corn is at $4.45 1/4, up 4 3/4 cents,
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. For more information please view the Barchart Disclosure Policy here.