Corn Futures Market News and Commentary
Corn prices ended Wednesday near their highs with gains of 7 3/4 to 9 cents. For December that left the board 9 1/4 cents below the Grain Stocks report spike high on 9/30.
EIA data for the week that ended 10/15 showed ethanol producers averaged 1.096 million barrels of production per day. That was another 64k bpd above last week’s output and was the largest weekly production since before the pandemic (8/3/2018). Ethanol stocks increased 233k barrels through the week to 20.08 million.
Ahead of the weekly USDA Export Sales report, the trade is looking for between 0.7 and 1.4 MMT of corn booked from the week of 10/14. Forward sales for the 22/23 crop are estimated to be less than 20,000 MT.
IHS Markit estimated 22/23 corn area at 92.374m acres. If realized that would be down 1.9m acres from this season. Bayer executives have suggested fertilizer and seed sales are ahead of normal pace – citing farmer concerns about input availability and inflation.
Dec 21 C... Read more