Corn Down Double Digits Overnight
Overnight corn futures action has prices 5 to 12 cents lower, closing the chart gap left behind following the limit up move on the 12th. Yesterday, corn was 4 1/4 to 7 3/4 cents in the red at the close. Long liquidation was noted, with preliminary open interest dropping 8,474 contracts. USDA’s weekly Export Inspections report showed 34.517 mbu of corn shipped on the week ending 1/14. That was down on the week but more than double the 15.6 mbu LY. MYTD corn shipments were reported at 680 mbu through the first 20 weeks. AgRural reported that 3.4% of Brazil’s first crop corn is picked. That compares to 2.5% harvested at this time last year.
--- provided by Brugler Marketing & Management
