Corn futures are down by double digits after Reuters showed Russia is back in the grain export deal. The original agreement was set to end November 19th. Corn added another 4 3/4 to 6 1/4 cents to the upside on Tuesday, but December failed to get above the contested $7 round number again. Open interest has been steadily rising in the Dec contract from 1.414m contracts at the October low to 1.473 million into the new month of trading.Â
NASS reported the September corn grind for ethanol at 383.09 mbu. That was the lowest Sep pull since reporting began in 2015. Traders were looking for 394 mbu going into the report. In August, 430.7 mbu was used for ethanol production.Â
Barchart reduced their corn production forecast by 3mbu to 14.681 bbu on a 1/10th yield hit. Their cmdtyView Corn Yield is now at 177.8 bpa.  NASS will update their numbers on November 9.Â
StoneX lifted their estimate for Brazil’s 2022/23 corn output to 129.9 MMT, from 126.3 MMT. Brazil’s AgRural had 56% of the 1st crop corn planted as of 10/27. That was up 5% points through the week and trails 63% last year. Brazilian truckers began blocking roads in protest of the Lula win in the presidential election. State police have been dismantling the road blocks as they encounter them. Export shipments have yet to be impacted. There are also rumors of a possible stevedores strike in Argentina.Â
Dec 22 Corn  closed at $6.97 3/4, up 6 1/4 cents, currently down 13 1/4 cents
Nearby Cash  was $6.93 ¾ on Tuesday, up 10 1/4 cents,
Mar 23 Corn  closed at $7.02 1/2, up 5 3/4 cents, currently down 13 cents
May 23 Corn  closed at $7.01 3/4, up 6 cents, currently down 12 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.
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