Corn futures are fractionally higher and near their highs for the session. At the low for the day Dec corn was down by 6 cents. USDA reported the cash price for ethanol was mainly 3 to 8 cents higher for the week from $2.37 to $2.50/gal regionally. Corn oil was seen 1 to 5 cents higher from 74 to 78 cents/lb regionally. DDGS prices were mostly lower from -$25 to +$10/ton, with sales form $205 to $245/ton regionally.
The European Commission reduced their corn crop outlook by another 600k MT to 54.9 MMT citing the summer’s historic heat wave. That is now 25% lower yr/yr with imports 1 MMT higher to 22 MMT. France is 96% harvested as of 10/24, data from FranceAgriMer. That is up from 51% last year. Ukraine’s grain harvest reached 70% complete, with 4.5 MMT of corn specifically.
BAGE reported 22% of the 22/23 Argentine corn crop was planted.
The weekly Export Sales report showed only 263,999 MT were booked during the week of 10/20. That was down from 408k MT last week but was up from 200k MT during the week of 10/6. Corn commitments sat at 14.095 MMT, a 47% drop from last year.
Dec 22 Corn is at $6.83, up 3/4 cent,
Nearby Cash is at $6.73 1/4, up 1/4 cent,
Mar 23 Corn is at $6.88 1/2, up 3/4 cent,
May 23 Corn is at $6.87 3/4, up 3/4 cent,
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.
