Corn Futures Market News and Commentary
Front month corn prices are working 2 ½ to 4 cents weaker through Tuesday’s midday. That has Dec back to UNCH for the week following the strength on Monday.
Ahead of the Quarterly Grain Stocks report the trade is looking for NASS to report final 22/23 carryout at 1.44 bbu. That would be 13 mbu looser than the WASDE projection. The full range of estimates is to see between 1.32 bbu and 1.51 bbu of corn supplies for Sep 1.
The Ag Rural reported Brazilian 1st crop planting at 25% complete for the Center South region as of 9/21. That is 4 ppts further along for the week, but is down 3% points from the same point last year.
The weekly NASS Crop Progress report had 95% of the corn crop in or beyond the dent stage, which was up 5% points from last week and remains 2 ppts ahead of average. NASS reported 70% was already mature, up 16% points for the week and 10 ppts ahead of average. National harvest advanced 6 ppts to 15% complete – including 38% in IA, 10% in IL, and 1... Read more