Corn Futures Lower for Friday Day Session Start

Corn is trading with double digits weakness into the Friday day session market. Prices were 2 to 4 cents higher on Thursday and at the high for the day December prices were back in the low $6.90s. Preliminary open interest rose 6,475 contracts, likely a combination of farmer selling and spec fund buying. 

USDA reported corn export bookings were 182k MT for the week that ended 9/15. That was well below the expected 400k to 850k MT sales. Shipments were 563,029 MT. That was up 32% on the week. Accumulated corn commitments sat at 12.48 MMT as of 9/15. That compares to 24.94 MMT at this time last year. China holds 27% of the total, compared to a 47.7% share at this time last year. 

The IGC reported their estimate for 22/23 corn production is 1.168 billion MT. That was an 11 MMT drop from their prior forecast and is now down 51 MMT yr/yr (still up 32 MMT from 2020/21). Absorbing the lost output, IGC reduced their global consumption by 6 MMT, the global trade by 1 MMT, and carryout stocks by 3 MMT to 262. 

Dec 22 Corn  closed at $6.88 1/4, up 2 3/4 cents, currently down 12 1/4 cents 

Nearby Cash   was $6.85 ¼ on Thursday, up 4 1/2 cents,

Mar 23 Corn  closed at $6.93 1/4, up 3 cents, currently down 11 3/4 cents

May 23 Corn  closed at $6.94 1/4, up 3 1/2 cents, currently down 11 3/4 cents