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Corn futures were down 3 to 4 ½ cents for the first month on Friday. The national average price of CmdtyView Cash Corn is down 4 3/4 cents to $3.97. This week’s average close for December futures was $4.57. The average February close is used to price basic spring crop insurance, with last year at $4.70.
Export sales data shows total maize export commitments at 58,735 MMT, which is 31% higher than the same period last year. This is now 72% of the USDA export projection and ahead of the average pace of 71%.
The USDA’s WASDE is due next Tuesday, with traders not looking for major changes in US ending stocks numbers, with an average trade estimate of 2.215 bbu according to a Bloomberg survey.
StatsCanada data this morning showed corn stocks at 10.95 MMT as of Dec. 31, down 3.3% from a year earlier.
March 26 Corn is at $4.30 1/2, down 4 1/2 cents,
Nearby Cash is $3.97, down 4 3/4 cents,
May 26 corn is at $4.39, down 4 cents,
July 26 Corn is at $4.45 1/2, down 3 3/4 cents,
As of the date of publication, Austin Schroeder had no positions (either directly or indirectly) in any of the securities mentioned in this article. All information and data in this article is for informational purposes only. This article was originally published on Barchart.com
