Corn Futures Ended Red on Monday

Monday’s corn trade pulled futures 1 1/2 to 2 3/4 cents lower. December had reached $6.77 1/4 on the low of the day, but went home 4 1/4 cents above it. 

NASS reported 97% of the corn crop was mature as of 10/23. That matches the average. Harvest advanced by 16% to 61% finished. The average pace would be 52% done as of 10/23. In IA harvest remains ahead of average with 59% out compared to 42%. IL combines were catching up to their average pace with 65% of the corn out compared to 69% on average. The milo harvest reached 67% complete, with TX 100% harvested. The average pace would be 59% finished nationally and 11% left in TX. 

USDA data had 470,623 MT of corn shipments for the week that ended 10/20. That was up from 460k MT last week but under the 643,864 MT shipped during the same week last year. The report showed 73.5% of the week’s corn exports left via the Mississippi River. Accumulated inspections reached 3.768 MMT (148.3 mbu) as of 10/20, down 22% from last year.

Chinese Customs data showed 1.53 MMT of corn was brought in during September, that was a 56% reduction from Sep ’21. Their YTD corn imports reached 18.46 MMT through September, trailing 2021 by 26%. The data also had 920k MT of sorghum, a 42% increase yr/yr, for a YTD total of 8.93 MMT. 

Safras and Mercado estimated the Brazilian 1st crop corn output as 25.2 MMT. That is mainly due to yield improvements, as the 15% larger yr/yr crop comes on 4.3% lighter area. Safras has the initial 2nd crop forecasted at 87.8 MMT, up from 84.4 MMT last year, and the full output as 126.3 MMT. 

Dec 22 Corn  closed at $6.81 1/2, down 2 3/4 cents,

Nearby Cash   was $6.71 3/8, down 2 cents,

Mar 23 Corn  closed at $6.87 3/4, down 2 3/4 cents,

May 23 Corn  closed at $6.87 1/4, down 2 1/2 cents,