Tuesday corn trade is currently in the red by less than a penny. Overnight action kept prices within an 8c range. Corn futures held most of their gains through the afternoon, but the fading was just enough to push Dec back below the $7/bu mark. March and May ’23 contracts went home above the round number. Despite that fade, futures were still 1.5% to 2.2% stronger on the day. Preliminary open interest showed net new buying, up 10,411 contracts for the session.
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.
Argentina’s BAGE reported 13% of the 2023 early corn crop was in the ground, trailing last year’s 24% pace as producers wait for additional moisture.
Dec 22 Corn closed at $6.98 1/4, up 15 cents, currently down 3/4 cent
Nearby Cash was $6.80 ¼ on Monday, up 15 1/4 cents,
Mar 23 Corn closed at $7.04 3/4, up 13 3/4 cents, currently down 1 cent
May 23 Corn closed at $7.05 3/4, up 13 1/4 cents, currently down 1/4 cent
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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