Corn Leaking Lower on Wednesday Morning, Following up Tuesday Pressure
The corn market is trading with early Wednesday losses of 1 to 2 cents. Corn failed to show much positive reaction to USDA's report on Tuesday, despite a cut to both the Argentina and Brazilian crops. Futures closed with losses of 6 to 8 cents in the front months and new crop December down a penny. The national average Cash Corn price from cmdtyView was down 7 1/4 cents at $4.50 3/4.
Tuesday's WASDE report tallied the US 2024/25 carryout total at 1.54 bbu, steady with the January number. USDA raised the US cash average price by a dime to $4.35.
On the World side, Brazil production was down 1MMT to 126 MMT, with the USDA citing slower planting of the second crop. Argentina was 1 MMT lower to 50 MMT. USDA also slashed world stocks by 3.03 MMT to 293.34 MMT, with Chinese stocks 3 MMT lower on fewer imports.
ANEC increased their projection for the February Brazilian exports to 1.3 MMT, up 0.27 MMT from their previous estimate. Patria Agronegocios reduced their Brazil corn crop by 4.8 MMT from their previous number to 125.03 MMT. Overnight, a South Korean importer issued a tender for 140,000 MT of corn, with a Thursday deadline given.
Mar 25 Corn closed at $4.84, down 7 1/2 cents, currently down 2 cents
Nearby Cash was $4.50 3/4, down 7 1/4 cents,
May 25 Corn closed at $4.98, down 6 1/2 cents, currently down 1 ¾ cents
Dec 25 Corn closed at $4.70 1/4, down 1 cent, currently down 1 cent
New Crop Cash was $4.38 5/8, down 1 1/4 cents,
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