Wednesday morning corn prices are sitting at their overnight lows. After a sideways to slightly stronger market got Dec to +3 cents, traders took it all back and then some for a -4 cent start into the day session. Corn closed 2 1/2 to 3 1/2 cents lower on Tuesday. Preliminary open interest data shows long liquidation, dropping 8,472 contracts. 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 bpa lower yield. That left the cmdtyView Corn Yield at 177.93 bpa nationally, still one of the highest yield forecasts in circulation.
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, currently down 4 1/4 cents
Nearby Cash was $6.66 3/8 on Tuesday, down 1 7/8 cents,
Mar 23 Corn closed at $6.87, down 2 3/4 cents, currently down 4 1/2 cents
May 23 Corn closed at $6.87 3/4, down 3 1/4 cents, currently 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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