United States: Afternoon market recap for December 30, 2021
United States
Published Dec 31, 2021
Tridge summary
Thin trading volumes continue to linger over grain markets, sending corn prices $0.07-$0.11/bushel lower in today’s trading session. Month-end, year-end, and week-end positioning also sent the corn complex lower. Rains across Brazil also exacerbated today’s losses.
Original content
Nearby futures dipped below the $6/bushel benchmark. There was not a lot of positive news for the corn complex in today’s weekly Export Sales report from USDA. Export loading volumes drifted lower. Cancellations increased 1.5 million bushels on the week to 4.1 million bushels. Export loading volumes dropped 16% week over week to 36.3 million bushels shipped through the week ending December 23. The total was slightly higher than the eight-week average volume of 35.4 million bushels and a significant appreciation over the five-year average of 26.5 million bushels for the 15th reporting week in the 2021/22 marketing year. Mexico (11.0M bu.), China (10.0M bu.), and Japan (7.5M bu.) were the top destinations for U.S. corn shipments last week. There were more signs of optimism for corn export markets this morning. Old crop corn export sales rose 30% on the week to 53.7 million bushels. New crop export sales were less optimistic, falling by 3.0 million bushels to 2.4 million bushels. ...
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