Corn prices traded mostly lower through Tuesday, with the market settling 1 3/4 to 5 1/4 cents in the red. With multi-week highs yesterday, the main dynamic gave a sense of profit taking ahead of Wednesday’s Crop Production and WASDE reports.
The weekly NASS update showed 87% of the corn crop was mature as of 10/9, up from 75% last week and now 2% points ahead of the average. Corn harvest advanced from 20% complete to 31% complete and is now 1% point ahead of the average pace. Illinois harvest is still trailing their average pace with 27% of the crop out compared to 43% on average. National corn conditions were converted to a 337 on the Brugler500 Index, from 331 last week.
USDA’s weekly Export Inspections data showed 457,366 MT of corn were exported during the week that ended 10/6. That was down from last week’s 673k MT and from 851k MT during the same week last year. Mexico and Japan were the top destinations. The USDA also added 11k MT of exports to the 9/26 report for a season total of 2.827 MMT. Last year had shipped 3.12 MMT through the same time.
Taiwan’s MFIG is on the market for 65k MT of corn.
Argentina’s BAGE reported 13% of the 2023 early corn crop was in the ground, trailing last year’s 24% pace. Brazil’s AgRural reported 1st crop corn planting reached 38.8% planted – up from 34% last week and slightly ahead of last year’s 37.9% pace.
Dec 22 Corn closed at $6.93, down 5 1/4 cents,
Nearby Cash was $6.75 3/8, down 4 3/4 cents,
Mar 23 Corn closed at $7.00 1/4, down 4 1/2 cents,
May 23 Corn closed at $7.01 1/2, down 4 1/4 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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