The Tuesday corn market worked lower but ended the day off the lows on 2 1/2 to 3 1/2 cent losses. December got down to $6.74 1/2 at the low for the day. The Dec-Dec spread is 59 1/4 cents after being 18 cents at the July low and $1.11 at the May high, The Dec ’21 to Dec ’22 spread was just 5 cents at the same time last year.
Barchart estimated US 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.
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 closed at $6.81, down 2 1/2 cents,
Nearby Cash was $6.66 3/8, down 1 7/8 cents,
Mar 23 Corn closed at $6.87, down 2 3/4 cents,
May 23 Corn closed at $6.87 3/4, down 3 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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