Morning corn prices are trading 2 to 4 cents weaker so far following the rail developments and Export Sales data from yesterday. Corn futures ended the Thursday session with 4 3/4 to 8 cent losses. Dec ’23 futures were the weakest on the day and remain a 57 1/2 cent discount spot December. Dec ’22 faces an expiration gap up at $7.09/bu after becoming the lead month contract.
USDA reported 583k MT of corn was sold during the week that ended 9/15. That was within the range of estimates. The 21/22 MY finished, with USDA’s weekly data showing 59.764 MMT for the season’s export. The new crop’s export program has 463k MT shipped through 9/15. New crop corn export sales commitments are 12.4 MMT (~488 million bushels) smaller than commitments at the same point a year ago and the lightest since 2019.
Dec 22 Corn closed at $6.77 1/2, down 4 3/4 cents, currently down 2 3/4 cents
Nearby Cash was $6.76 1/1, down 5 3/4 cents,
Mar 23 Corn closed at $6.82 3/4, down 4 1/2 cents, currently down 3 cents
May 23 Corn closed at $6.82 3/4, down 5 1/2 cents, currently down 3 1/4 cents
/Intel%20Corp_%20Santa%20Clara%20campus-by%20jejim%20via%20Shutterstock.jpg)
/EV%20in%20showroom%20by%20Robert%20Way%20via%20Shutterstock.jpg)
/AI%20(artificial%20intelligence)/Businessman%20touching%20the%20brain%20working%20of%20Artificial%20Intelligence%20(AI)%20Automation%20by%20Suttiphong%20Chandaeng%20via%20Shutterstock.jpg)
