Front month corn prices ended the Thursday session with 6 ¼ to 7 ¼ cent losses. The December contract ended just 1 ¼ cents off the low for the day after an 8 ¼ cent range. Most of the ag markets dropped on the day, as did the equities, following the FOMC meeting on Wednesday.
USDA reported a large private export sale to Mexico this morning, good for 137,160 MT – including 15.2k for 24/25 delivery.
Weekly Export Sales data showed 566,857 MT of corn was sold during the week that ended 9/14. That was at the low end of the expected range. USDA had Japan and Mexico as the top buyers for the week. Accumulated commitments were 461.6 mbu as of 9/14 – compared to 484 mbu on the books at this time last year.
Wire sources have Taiwan as buying 65k MT of corn from Brazil. South Korea’s MFG booked 68k MT of corn, reported as either South American or South African sourced. South Korea’s NOFI booked 136k MT of corn via tender. Iran reportedly booked feed corn via tender. Algeria is on the market for 60k MT of corn.
EIA’s weekly report had 980k barrels per day for the week that ended 9/15 for an estimated weekly corn grind ~ 98 million bushels. Ethanol stocks were 21.681 million barrels, 510k barrels above last week.
CONAB estimates the 23/24 Brazilian corn crop at 119.8 MMT, on an expected lower harvested area.
Dec 23 Corn closed at $4.75 1/4, down 7 cents,
Nearby Cash was $4.46 1/4, down 7 5/8 cents,
Mar 24 Corn closed at $4.90, down 6 3/4 cents,
May 24 Corn closed at $4.98 1/2, down 7 cents,
On 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 solely for informational purposes. For more information please view the Barchart Disclosure Policy here.