
Tuesday corn trading has the board back up by 2 to 3 cents in the front months after a weaker Monday trade.
Data from the U.S. Census Bureau and The Fertilizer Institute confirmed that the 370k tons of nutrient exports in August were the most for any month since TFI began tracking the data in 2013. Russian sanctions and Ukrainian reliability concerns each contributed to the U.S. market’s competitiveness for the E.U.
EIA reported ethanol producers averaged 1.016m barrels per day of output through the week that ended 10/14. That was a 10 week high and the first +1m bpd since August. Ethanol stocks were down by 100k barrels to 21.8 million.
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. The milo harvest reached 67% complete. The average pace would be 59% finished.
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 is at $6.84 1/2, up 3 cents,
Nearby Cash is at $6.75 3/4, up 3 3/8 cents,
Mar 23 Corn is at $6.90 1/4, up 2 1/2 cents,
May 23 Corn is at $6.90, up 2 3/4 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.