Midday corn futures are trading with midday losses of 8 to 13 cents. December prices are off their lows and near their last week’s level.
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.
Ukraine’s Ag Ministry reported that 13.4 MMT of grain shipments for the season through 11/2. That was down 32% from last year, and included 7.1 MMT of corn which was up by 3-fold.
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. Reports on the wire suggest Brazilian truckers began blocking roads in protest of the Lula presidential election. Export shipments have yet to be impacted, and there is no indication for a duration of the more than 200 protests in 20 states.
Dec 22 Corn is at $6.84 3/4, down 13 cents,
Nearby Cash is at $6.80 1/8, down 12 1/2 cents,
Mar 23 Corn is at $6.90 1/2, down 12 cents,
May 23 Corn is at $6.90 1/4, down 11 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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