Corn prices are fractionally stronger through midday with another bull/bear balance session. EIA says US ethanol output averaged 932k barrels per day last week, which was 43k barrels per day more than the prior week. Stocks were 178k barrels higher to 21.863m barrels.Â
Weekly Export Sales will be released on Friday, delayed due to recognition of Indigenous Peoples’ Day (formerly Columbus Day) on Monday. Survey responses show expectations range from 300-900k MT going into the data.Â
USDA cut the corn yield by 0.6 bpa to a 171.9 national average. Production fell by 49 mbu to 13.895 bbu on UNCH acres. Carryout was on net 47 mbu lighter than the Sep report compared to the average expected drop of 93 mbu. Internationally, production was 3.84 MMT lower to 1.169b MT. Corn ending stocks were down 3.34 to reflect the supply.Â
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 –slightly ahead of last year’s 37.9% pace. USDA left Brazilian production UNCH at 126 MMT and Argentina at 55 MMT.Â
Dec 22 Corn  is at $6.93 1/2, up 1/2 cent,
Nearby Cash  is at $6.77, up 3/4 cent,
Mar 23 Corn  is at $7.00 3/4, up 3/4 cent,
May 23 Corn  is at $7.01 3/4, up 3/4 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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