Corn At Daily High into Day Session

Positioning ahead of the Grain Stocks report has corn futures setting at their overnight high on +4 cent gains. Prices were firmly traded overnight with 0-5c gains making the entire overnight range. On Thursday the corn market stayed mostly sideways through the session, ending the day within 1 1/2 cents of UNCH. The December and March contracts were red on the day, while the other nearby contracts closed higher. December stayed in a tighter dime range within 6 cents of UNCH. Preliminary open interest dropped 2,950 contracts as some asset allocation adjustments are being made ahead of today’s end of the third quarter.

USDA reported 512k MT of corn was sold for export during the week of 9/22. That was up from 182k MT last week and was 38% above the same week last year. Analyst expectations were for between 250k MT and 800k MT. Mexico was the week’s top buyer. The FAS also recorded 160k MT of 23/24 sales to Mexico.  

Ahead of the Quarterly Grain Stocks report at midday, 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. 

Dec 22 Corn  closed at $6.69 1/2, down 1 cent, currently up 6 cents 

Nearby Cash   was $6.64 ¾ on Thursday, down 5/8 cent,

Mar 23 Corn  closed at $6.76, down 1/2 cent, currently up 5 3/4 cents

May 23 Corn  closed at $6.77 1/2, up 1/4 cent, currently up 5 1/2 cents