Corn Starting Out Slightly Higher on Tuesday AM
Tue Nov 05
Corn prices are sneaking out fractional to 1 cent gains so far. Futures closed out the Monday session with contracts fractionally mixed, as December was a one exception, up 2 cents. The national average Cash Corn price from cmdtyView was up 2 1/2 cents at $3.87 1/4 per bu.
NASS Crop Progress data showed 91 of the US corn harvest complete as of November 3. That compares to the 75% 5-year average pace.
Export Inspections data showed 779,078 MT (30.67 mbu) of corn shipped in the week that ended on October 31. That was down 7.3% from last week but up 35.6% from the same week last year. A total of 521,067 MT was headed to Mexico, with 83,013 MT shipped to Japan. Marketing year to date shipments have totaled 7.423 MMT (292.24 mbu), which is 33.7% above the same period last year.
A StoneX estimate for the US corn crop pegs yield at 183.7 bpa, down from the 184 bpa in their previous projection.
Dec 24 Corn closed at $4.16 1/2, up 2 cents, currently up 1 cent
Nearby Cash was $3.87 1/4, up 2 1/2 cents,
Mar 25 Corn closed at $4.30, up 3/4 cent, currently up 3/4 cent
May 25 Corn closed at $4.37 1/4, unch, currently up 1/2 cent