Corn Market Fading through Midday

Corn prices continue their downward slide with the board extending the drop by another 5 to 6 cents through Tuesday’s midday. At the low, $6.74 1/2 Dec, was the lowest print post-WASDE report. 

Barchart estimated their corn output to 14.684 billion bushels, down by 75 mbu on a 0.83 lighter yield. That set the cmdtyView Corn Yield at 177.93 bpa nationally. The 7-day QPF shows rainfall accumulating along the MIMAL states from the Canadian border through the gulf. Eastern TX/OK precips top out near 1- 1 1/2”, while WI and MN can expect 1” accumulated as the corn harvest progresses. Notably the slower than average pace in the ECB will have a week to catch up, with minimal rainfall totals, save NW IL. 

USDA’s weekly Crop Progress data showed 94% of the corn crop had reached maturity, 2% points ahead of the 5-yr average. Harvest progressed 6% to 45% complete as of 10/16. The 5-yr average pace is 40% harvested. Corn conditions were 3 points weaker on the Brugler500 Index from last week to 334. 

AgRural reported the Brazilian 1st crop corn was 46% planted as of 10/14. That was up 7% points through the week and is 1% point ahead of last year’s pace. 

The UN’s spokesperson said the Moscow meeting was positive and constructive – citing talks regarding the grain export corridors from Ukraine in a joint venture between Russia, Turkey, Ukraine, and the UN. 

Dec 22 Corn  is at $6.79 1/4, down 4 1/4 cents,

Nearby Cash   is at $6.64 1/8, down 4 1/8 cents,

Mar 23 Corn  is at $6.85 1/4, down 4 1/2 cents,

May 23 Corn  is at $6.86 1/4, down 4 3/4 cents,