Corn Futures Off Highs during Turnaround Tuesday

Front month corn futures are higher in a Turnaround Tuesday attempt. Through midday, prices are 3 3/4 to 6 cents in the black – but are ~6 cents off their early session highs. 

South Korea has been booking international feed corn, with MFG seeking 140k MT to follow a 68k MT SoAm booking by South Korea’s Feed Leaders Committee and a 135k MT optional origin purchase from South Korea’s NOFI. 

Ahead of the Quarterly Grain Stocks report on Friday, analysts expect to see 21/22’s final corn carryout as 1.495 bbu. USDA has been expecting 1.525 bbu in their monthly WASDE reports, so this would be about a 30 mbu tightening. Last year’s count was 1.235 billion bushels. 

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. Harvest had advanced 5% points to 12% complete, down from 14% on average. Converting the NASS conditions to the Brugler500 Index showed a 1 point drop to 332 nationally. 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. 

Dec 22 Corn  is at $6.69, up 2 3/4 cents,

Nearby Cash   is at $6.64 1/4, up 3 1/4 cents,

Mar 23 Corn  is at $6.74, up 3 1/4 cents,

May 23 Corn  is at $6.75, up 3 1/2 cents,