4 Cent Gains for Morning Corn

Morning prices are up by 2 to 4 1/2 cents mostly led by Dec and Mar on their march tpwards the $7 mark. Dec futures are up by 4 1/4, trading near the highs into Friday, but the bottom 3rd of the week’s range. Thursday action in the corn market left futures 2 3/4 to 8 1/4 cents lower. For December contracts that was the lowest close since October 19. 

IHS Markit expects the national U.S. corn yield to be 172.9 bpa, compared to their prior 171.2 bpa forecast. Their production outlook is 13.981 bbu. 

Census data had official September corn exports as 2.63 MMT to start the year. That was up 4.5% from last year’s start, but was down 20% from August. DDGS exports were 877,745 MT in September, a 2.8% increase from Sep ’21. For ethanol, the monthly update had 100.4k gallons shipped,  the second largest September total on record behind 2013. For sorghum the monthly report showed 116k MT were shipped in September, that was a 4-yr low and down from 1.3 MMT in August. 

USDA reported 372,220 MT of corn was sold for export during the week that ended 10/27. That was up 41% from the week prior and was in line with the more conservative estimates. The weeks shipments were 450k MT, bringing the accumulated total to 4.145 MMT. The full season’s commitments were 14.467 MMT – compared to 31 MMT at the same time last season. 

For sorghum, FAS had 12k MT sold – an 11-wk high. Shipments of 9,236 MT brought the season’s total to 44k MT compared to 269k MT during last year’s pace. 

Dec 22 Corn  closed at $6.79 1/4, down 8 1/4 cents, currently up 4 1/4 cents

Nearby Cash   was $6.76 ½ on Thursday, down 7 7/8 cents,

Mar 23 Corn  closed at $6.84 3/4, down 8 cents, currently up 4 1/4 cents

May 23 Corn  closed at $6.84 3/4, down 7 3/4 cents, currently up 4 cents