Overnight corn action moved prices weaker, but the morning trade has prices back into the black. Corn futures went home Thursday with 6 1/4 to 8 1/2 cent losses. December closed 3 3/4 cents off the low.
Ahead of the October WASDE report next Wednesday, a Bloomberg survey shows the trade is looking for USDA to trim the corn yield by 0.4 bpa on average to 172.1. The full range of estimates is between a 2.4 bpa cut and a 1.4 bpa boost. As for production, the average trade guess is to see 13.903 bbu, between 13.766 and 14.056 bbu. 22/22 carryout is expected to drop 93 mbu on average, reflecting the tighter than expected carry-in and the lower output.
Weekly FAS data showed 227,045 MT of corn bookings from the week that ended 9/29. That was down 56% from the prior week and was below estimates. Mexico was the top buyer with 147k MT. The week’s shipments were 645k MT for a season total of 2.246 MMT. Total 22/23 corn commitments sit at half of last year’s pace with 13.22 MMT on the books.
Dec 22 Corn closed at $6.75 1/2, down 8 1/2 cents, currently up 1 1/2 cents
Nearby Cash was $6.57 on Thursday, down 8 cents,
Mar 23 Corn closed at $6.83 1/4, down 8 cents, currently up 1 1/2 cents
May 23 Corn closed at $6.84 3/4, down 7 1/2 cents, currently up 1 1/2 cents
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes.
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