Corn is starting the Tuesday session weaker, with contracts fractionally to 1 3/4 cents lower. Corn futures closed 4 3/4 to 10 3/4 cents higher on Monday. Russia announced over the weekend that they would no longer support safe passage of grain vessels through the Black Sea corridors.
USDA’s weekly Export Inspections report showed 422,288 MT of corn exports shipped during the week that ended 10/27. China and Mexico were the top destinations. That sets the MYTD corn shipments as 4.192 MMT.
The weekly Crop Progress data from NASS showed corn harvest advanced from 61% to 76% complete as of 10/30. That is now a 12% point lead over the 5-yr average pace. In IL harvest progressed to 78% finished, now leading the state’s 5-yr average by 1% point.
Going into the NASS Grain Crush report this afternoon, traders expect 394.4 mbu of corn was used for ethanol production in September. That would be 3.1% below Sep ’21 if realized.
Dec 22 Corn closed at $6.91 1/2, up 10 3/4 cents, currently down 1 1/4 cents
Nearby Cash Corn was $6.82 ½ on Monday, up 10 1/2 cents,
Mar 23 Corn closed at $6.96 3/4, up 10 cents, currently down 1 3/4 cents
May 23 Corn closed at $6.95 3/4, up 9 1/2 cents, currently down 1 1/2 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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