Corn futures ended the day off their lows, but still gave back 5 3/4 to 10 1/4 cents on the day. December printed a wide 17 1/4 cent range.
Analysts project corn bookings were between 250k MT and 600k MT for the week that ended 10/27. Last week’s corn sales were 264k MT. New crop sales are estimated to be less than 75k MT ahead of the weekly report.
StoneX forecasted the U.S. corn crop at 14.11 bbu. That carries a 174.5 bpa yield estimate via a 214 bpa yield in IL and 204 bpa in IA. Their prior forecast was for a 173.9 national average yield.
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 majorly impacted, and there is no indication for a duration of the more than 200 protests in 20 states.
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 yr/yr.
Dec 22 Corn closed at $6.87 1/2, down 10 1/4 cents,
Nearby Cash was $6.83 1/4, down 9 1/2 cents,
Mar 23 Corn closed at $6.92 3/4, down 9 3/4 cents,
May 23 Corn closed at $6.92 1/2, down 9 1/4 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.
