Corn Futures Up Double Digits

Front month corn futures are trading 10 to 14 cents higher through midday with December sitting near the high for the day. Dec corn is just 8 cents under the $7 mark. 

The weekly Crop Progress update from NASS after the close showed 87% of corn was dented and 40% was mature as of 9/18. That compares to 88% and 45% on average. Corn harvest progressed 2% points through the week to 7% complete – trailing the 8% average. Crop conditions were 3 points weaker wk/wk on the Brugler500 scale to 333. 

Barchart this morning estimated corn production at 14.888 bbu in their revised September forecast. That was up 3% from their earlier Sep estimate. The cmdtyView Corn Yield was 5.35 bpa higher than the previous estimate at 180.72 bpa. At the state level, Barchart sees IL fields yielding 210.77 bpa, with 206.8 for IA. The NE yield would be just 173.56 bpa, compared to 199 in MN, 189.3 in IN, and 181 bpa for OH. Those compare to the NASS estimates of 204 in IL, 200 bpa in IA, 176 for NE, 190 for MN, and 186 for both IN and OH – for a national 172.5 bpa yield. 

Chinese Custom’s data showed China brought in 1.8 MMT of corn during August. That was 44% below Aug 2021. Through the calendar year China has imported 16.93 MMT of corn, a 21% drop from 2021’s pace. 

Dec 22 Corn  is at $6.92 1/2, up 14 1/4 cents,

Mar 23 Corn  is at $6.97 1/4, up 13 1/2 cents,

May 23 Corn  is at $6.96 3/4, up 12 1/2 cents,