Corn Extends Upside

Morning corn prices are 2 1/4 to 6 1/4 cents stronger thus far into the day session. Corn futures came out of the extended weekend with 9 to 11 3/4 cent gains. There is still an 4 3/4 cent inverse to December, but beyond that the board has a carry up to July ’23. 

The weekly Crop Progress report from NASS showed corn is still 1%-4% points behind average development, with 92% in the dough stage and 63% dented as of 9/4. NASS data had 15% of the national crop at maturity, though it varies from 1% in CO, MN, ND, and WI and 2% in PA to 75% in TX and 78% in NC. The average would be 18% mature as of week 36. As for corn conditions, the 44% good/ex was UNCH vs. last week but the Brugler500 index fell 1 point to 338. 

USDA also reported 28% of the sorghum crop was mature as of 9/4, up from 23% last week and just 1ppt behind average. Milo harvest is 20% complete with TX having cut 68%. The national average pace would be 21% complete. 

Barchart maintained their corn output forecast in the 9/6 release. They have 14.454 bbu of corn produced on a 175.37 bpa average yield. IHS Markit lowered their corn yield estimate from 176.9 bpa to 171.6 bpa in their latest forecast. They have total output assumed at 14.04 bbu, down from 14.497 billion in their previous forecast. 

AgRural reported the Brazilian first crop of 22/23 corn was 9% planted as of 9/1 for the Center-South region. Harvest of 2nd crop there reached 98% complete. 

Weekly inspections data showed 518,373 MT of corn was exported during the week that ended 9/1. The 22/23 season began with a 109,584 MT export on 9/1 included in the week’s total. Last week saw 689,451 MT of corn shipped and the same week last year had 338,716 MT.

Sep 22 Corn  closed at $6.80 3/4, up 11 3/4 cents, currently up 4 1/4 cents

Nearby Cash   was $6.83 1/8, up 11 3/8 cents,

Dec 22 Corn  closed at $6.76, up 10 1/4 cents, currently up 6 1/2 cents

Mar 23 Corn  closed at $6.81 3/4, up 10 1/2 cents, currently up 6 cents