Corn Futures Market News and Commentary
Corn futures are 3 to 4 cents higher this morning. Ethanol processing margins continue to be excellent. Corn prices were initially higher on Tuesday, with December reaching $5.37. By midday the board faded and prices closed near their lows with fractional to 2 3/4 cent losses. Red Dec ended the day at a 4 1/2 cent discount to Dec ’21, at $5.25 3/4.
Barchart revised their US corn production outlook. Their new cmdtyView Corn Yield was upped by 0.43 to 182.75 bpa. They also raised the area to 84 million acres for a net 70 mbu boost to 15.351. At the state level cmdtyView raised their outlook for WI by 2.72 to 191 bpa (USDA at 172). Minnesota was estimated at 208.8 bpa, compared to 209.4 bpa previously. NASS used 178 bpa for Minnesota in the October crop report. In IL, IA, NE, and OH, cmdtyView yields were unchanged from the prior estimate – at 201.2, 207.3, 178.7, and 190 respectively.
China’s custom’s data showed the PRC’s corn imports were 3.53 MMT in September. Not th... Read more