Corn futures are down 3 to 4 ½ cents in the front months on Friday. The CmdtyView national average Cash Corn price is down 4 3/4 cents at $3.97. The average close so far this week for December futures has been $4.57. The average close for February is used for the spring base crop insurance price, with last year at $4.70.
Export Sales data shows total corn export commitments at 58.735 MMT, which is 31% above the same period last year. That is now 72% of USDA’s export projection and ahead of the 71% average pace.
USDA’s WASDE will be out next Tuesday, with traders looking for no major changes to the US ending stocks number, with an average trade guess of 2.215 bbu according to a Bloomberg survey.
StatsCanada data from this morning showed corn stocks at 10.95 MMT as of December 31, down 3.3% from the year prior.
Mar 26 Corn is at $4.30 1/2, down 4 1/2 cents,
Nearby Cash is at $3.97, down 4 3/4 cents,
May 26 Corn is at $4.39, down 4 cents,
Jul 26 Corn is at $4.45 1/2, down 3 3/4 cents,
