Corn prices are mostly a nickel weaker so far for the Thursday session. Corn futures gave back 5 3/4 to 10 1/4 cents on Tuesday after the Ukraine export Corridor appeared to again be open. December printed a wide 17 1/4 cent range. Preliminary OI data confirmed net rolling / new selling with 901 more contracts opened across the board, but Dec down by 12k contracts.Â
Analysts project corn Export Sales 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.Â
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.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.Â
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.Â
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Dec 22 Corn  closed at $6.87 1/2, down 10 1/4 cents, currently down 5 3/4 centsÂ
Nearby Cash  was $6.83 ¼ on Wednesday, down 9 1/2 cents,
Mar 23 Corn  closed at $6.92 3/4, down 9 3/4 cents, currently down 5 1/2 cents
May 23 Corn  closed at $6.92 1/2, down 9 1/4 cents, currently down 5 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.
