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Thursday, March 09, 2023 12:58:30 PM
Corn Market Down Double Digits
By: Barchart | March 9, 2023
Despite the bull friendly weekly export sales report, the corn market is down another 5 to 10 1/4 cents with double digit losses in the old crop contracts.
Weekly Export Sales data showed 1.412 MMT of corn was sold during the week that ended 3/2. That was a 5-wk high and above the range of estimates, purchasers led by Japan and South Korea. The report showed 1.052 MMT of corn was exported, bringing the old crop shipment to 16.081 MMT (633 mbu) through 3/2. Census data released yesterday confirmed 551 mbu were shipped through January.
USDA lowered the full year U.S. corn export forecast by 75 mbu to 1.850 bbu. That went straight to carryout. The trade was looking for 1.308 bbu on average; USDA showed 1.342 bbu.
Global WASDE data reduced corn production by 3.84 MMT, though Argentina was cut by 7 MMT to 40 MMT. USDA also reduced their export forecast for Argentina by 7 MMT. Global ending stocks were bumped higher by 1.2 MMT to 296.5 despite the smaller Argentine numbers.
CONAB raised their outlook for Brazilian corn production back up by 933k MT to 124.677 MMT, mostly to the 1st crop, as 2nd crop shrank from 96.3 to 95.6 MMT in their recent update.
Rosario Grains Exchange reduced their estimate for Argentina corn output from 42.5 MMT to 35 MMT.
Read Full Story »»»
DiscoverGold
By: Barchart | March 9, 2023
Despite the bull friendly weekly export sales report, the corn market is down another 5 to 10 1/4 cents with double digit losses in the old crop contracts.
Weekly Export Sales data showed 1.412 MMT of corn was sold during the week that ended 3/2. That was a 5-wk high and above the range of estimates, purchasers led by Japan and South Korea. The report showed 1.052 MMT of corn was exported, bringing the old crop shipment to 16.081 MMT (633 mbu) through 3/2. Census data released yesterday confirmed 551 mbu were shipped through January.
USDA lowered the full year U.S. corn export forecast by 75 mbu to 1.850 bbu. That went straight to carryout. The trade was looking for 1.308 bbu on average; USDA showed 1.342 bbu.
Global WASDE data reduced corn production by 3.84 MMT, though Argentina was cut by 7 MMT to 40 MMT. USDA also reduced their export forecast for Argentina by 7 MMT. Global ending stocks were bumped higher by 1.2 MMT to 296.5 despite the smaller Argentine numbers.
CONAB raised their outlook for Brazilian corn production back up by 933k MT to 124.677 MMT, mostly to the 1st crop, as 2nd crop shrank from 96.3 to 95.6 MMT in their recent update.
Rosario Grains Exchange reduced their estimate for Argentina corn output from 42.5 MMT to 35 MMT.
Read Full Story »»»
DiscoverGold
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