Corn prices are trading just a nickel off their highs through midday as the rally carried futures back over the $7/bu mark. December corn is up 2.6% so far on a 19 cent gain. Crude oil (@CL) futures are backing off, while the dollar (@DX) is firming up.
Dalian Corn Prices were 1.4% higher after their holiday break to 2,821 yuan/MT (~ $10.17/bu). China announced their corn import TRQ as 7.2 MMT - unchanged from last year. The Chinese yuan traded weaker against the dollar on Monday, with a 0.54% stronger quote of 13.975 cents/yuan. On 9/28 the yuan was at the weakest mark relative to the dollar since at least 2010.
Brazil’s CONAB estimates their 22/23 corn crop at 126.9 MMT, up from 112.8 MMT in 21/22.
Dec 22 Corn is at $7.02 3/4, up 19 1/2 cents,
Nearby Cash is at $6.85 5/8, up 19 5/8 cents,
Mar 23 Corn is at $7.07 3/4, up 16 3/4 cents,
May 23 Corn is at $7.08 1/2, up 16 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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