Corn Mostly at Highs for Tuesday Start

Overnight action has the corn board setting at the highs into the day portion of the Tuedsay session. Prices printed an overnight range of 6-7 cents. Yesterday, corn futures closed 3 1/4 to 3 1/2 cents higher adding to the post Grains Stocks bounce from Friday. 

Weekly Crop Progress data showed maturity caught up to the average pace with 3/4 of the crop finished. Corn in Illinois was only 63% mature, compared to their average 80% reading; IN was also still behind with 67% of the corn mature compared to 75% on average. Crops in TX, NE, IA, and ND were more mature than on average. Harvest is 20% finished, trailing the average pace by 2% points. Kansas had cut 1/2 of their corn by 10/2 compared to 42% on average, and NE was 1/4 done compared to 16% on average. Corn conditions were down 1 point on the Brugler500 Index to 331. Conditions in just 6 of the 18 states NASS tracks were lower by a combined 34 points on the Brugler500 wk/wk (IA and NE being 2 of the 6). Pennsylvania improved 34 points as one of 10 states showing improvement for the week. 

USDA’s monthly Grain Crushings data showed August corn use for ethanol was 432.281 mbu. That was in line with expectations and was 3% lower than July’s pull. That completed the 21/22 campaign with 5.325 bbu for ethanol production, the September WASDE had figured 5.33 billion, and the season prior used 5.033 bbu. 

The USDA reported corn export inspections were 661,658 MT for the week that ended 9/29. That was up from 549,608 MT last week but down by 279,902 MT from the same week last year’s exports. Accumulated shipments reached 2.358 MMT for the season, up by 3.9% yr/yr. 

Dec 22 Corn  closed at $6.80 3/4, up 3 1/4 cents, currently up 1 1/2 cents

Nearby Cash   was $6.59 ¾ on Monday, down 2 1/4 cents,

Mar 23 Corn  closed at $6.87 1/2, up 3 1/2 cents, currently up 1 1/2 cents

May 23 Corn  closed at $6.88, up 3 1/2 cents, currently up 1 1/2 cents