Corn Futures Market News and Commentary
The Monday session started the new week and the new month with double digit gains of over 2% across the corn market. That set the Mar contract back above the $5 mark, though Dec remains at a 15c discount.
The weekly Crop Progress report showed 82% of the corn crop was mature and 23% was harvested as of 10/1. Harvest had advanced 8% points through the week and remains 2 ppts ahead of the average pace. The report’s condition ratings converted to a 339 on the Brugler500 Index, a 1 point increase for the week with 1 additional E from G.
NASS reported August’s ethanol pull at 442.6 mbu, from 455 in July and 430.6 in Aug ’22. That set the full 22/23 MY draw at 5.177 bbu.
USDA announced a 210k MT corn sale to Mexico this morning.
USDA’s weekly Inspections data showed 625k MT of corn was exported during the week that ended 9/28. That was down 85k MT from last week and was 60k lighter than the same week last year. The season total reached 2.64 MMT compared to 2.3... Read more