Corn Gives Back Double Digits

In a broad risk off session across the commodity markets, corn futures gave back 1% to 1.6% to start the week. For December that took prices 10 1/2 cents lower towards the lows earlier in the month. Dec ’23 was firmer on a 5 3/4 cent drop. Red Dec is now just a 55 cent discount to spot December. 

NASS’s weekly update showed 92% of the corn crop was dented as of 9/25. That is still 2% points behind the average pace. National maturity trails the average pace by 3% points with 58% of the crop now mature. That is up from 40% last week. NASS showed harvest advanced 5% points to 12% complete. The average pace would have 14% of the national crop out by 9/25. The 2022/23 corn harvest is moving along in NE and KS with 13% and 35% of the crop cut, compared to 10% and 29% on average respectively. IA was 5% harvested as of 9/26. 

As for the remaining 88%’s conditions, NASS scored the national crop 52% good/ex. That was UNCH from last week, though 1% was moved from excellent to good. That, reduced the Brugler500 conversion by 1 point to 332. Corn in WI is faring the best with a 397 on the Brugler500 Index, followed by upper 360s in IL, IA, and MI. Corn in TX was the lowest Brugler500 reading at 239, though TX was 72% harvested. NE and CO were just 291 and 261 respectively – the lowest NE rating since 2012’s 273. 

USDA reported 459,420 MT of corn exports for the week that ended 9/22. That was down from the 549,476 MT shipped last week and was below the 705k MT shipped during the same week last year. MYTD corn shipments reached 1.606 MMT through 9/22. 

Dec 22 Corn  closed at $6.66 1/4, down 10 1/2 cents,

Nearby Cash   was $6.61 1/1, down 9 5/8 cents,

Mar 23 Corn  closed at $6.70 3/4, down 11 cents,

May 23 Corn  closed at $6.71 1/2, down 10 3/4 cents,